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Bitfinex will greatly challenge $ 850 million of lost density & false claims & # 39;



Following the New York Attorney General's charge of $ 850 million. Cover of Bitfinex, the company has issued its reply. Binfinex rejects the claims as "riddled with false claims" and that the funds are not lost.


Cover-Up Claims

According to the NY Justice Minister's claim, Bitfinex lost $ 850 million of customer money. This had been sent to and seized by the payment company Crypto Capital Corp. The claim continues to say that Bitfinex used cash reserves from affiliate stablecoin, Tether, to cover the deficit.

  Bitfinex - Fostering Innovation

The AG, Letitia James, claims this "loss of funds" and movement of reserves was not revealed by both Bitfinex and Tether, iFinex operators. Therefore, it had "engaged in a cover-up to hide the apparent loss of $ 850 million by merged client and corporate funds."

At press time, the price was USD Tether 0 0 [19659009] has fallen bellow its $ 1 point. Meanwhile, its stable competitors like the USD Coin 0 0 and TrueUSD 0 0 now with a small premium.

This suggests that investors are

worth noting, Bitcoinist reported yesterday that the supply of tethers has reached an all-time high.

Bitfinex and Tether are financially strong & # 39;

19659003] Bitfinex responded today by claiming that AG's submissions:

… were written in bad faith and rejected by false claims, including an alleged $ 850 million "loss" by Crypto Capital.

It claimed that these funds were not lost but had "actually been seized and secured" and it worked actively to get these funds released. It continued to chastise AG for not doing more to help and support its recovery.

Both Bitfinex and Tether are financially strong – full stop. And both Bitfinex and Tether are committed to fighting this brutal overreach of the New York Attorney General's office against companies that are good corporate citizens and strong supporters of law enforcement. Bitfinex and Tether will challenge this and all other actions at the New York Attorney General's office.

Double Standards

Caitlin Long pointed out on Twitter that although the claims were true, NY AG was guilty of double standards. From 2009-12, Merrill Lynch used, according to SEK:

related customer funds, to cover its own obligations, and if failed, customers would have been "massive in the reserve account." [19659021] Which is essentially what AG accuses iFinex of. But while the SEC dealt with the Merrill Lynch case without causing panic and customer recall, the move from AG has been able to trigger it for iFinex.

She also called for exchanges to clean up their actions in terms of transparency and solvency certificate to avoid such situations.

The problem

The lawyer's general secretary claims that the Tether funds were extended as a credit line over three years with a 6.5% interest rate. An iFinex share tax of 60,000,000 shares secured the loan.

Entrepreneur and commentator Alistair Milne commented on the situation rather briefly and concluded that as long as "Bitfinex is trading profitably, no problem."

Which brings us back to transparency and publication.

If iFinex told customers and investors about this alleged "seizure" and "loan", would they now have a problem? And is AG & # 39; s access really legitimate here?

In any case, it is important to note that criminal charges are not being sought at this time.

Is NY Generaly Attorney acting in & # 39; bad faith & # 39; Share your thoughts below!


Pictures via Shutterstock


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