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Bitfinex Will Vigorously Challenge $ 850M Lost Tether 'False Assertions'



Following the New York Attorney General's charges of a $ 850M cover-up by Bitfinex, the company has issued its response. Binfinex refutes the claims as 'riddled with false assertions' and that funds are not lost.


The Cover-Up Claims

According to the NY Attorney General's claim, Bitfinex lost $ 850 million of customer money. This was sent to, and seized by, the payment processing firm, Crypto Capital Corp. The allegation goes on to say that Bitfinex used cash reserves from affiliated stablecoin, Tether, to cover the shortage.

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The AG, Letitia James, claims this 'loss of funds' not disclosed by the operator of both Bitfinex and Tether, iFinex.

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0 [0] [0] [0] 19659009] has fallen below its $ 1 peg. Meanwhile, its stablecoin competitors such as USD-Coin 0 0 and TrueUSD 0 0

'Bitfinex and Tether Are Financially Strong'

'Bitfinex and Tether are Financially Strong' 19659003] Bitfinex responded today by claiming that the AG's filings:

… were written in bad faith and were riddled with false assertions, including the alleged $ 850 million "loss" at Crypto Capital

It claimed that these funds were not lost, but had "been, in fact, seized and protected," and it was actively working to get those funds released. It has been chasing the AG for not doing more to help and support its recovery efforts

Both Bitfinex and Tether are financially strong – full stop. Both Bitfinex and Tether are committed to fighting this gross overreach by the New York Attorney General's office against companies that are good corporate citizens and strong supporters of law enforcement.

The Double Standards

Caitlin Long pointed out on Twitter that even if the allegations were true, the NY AG was guilty of double standards. From 2009-12, Merrill Lynch, according to SEC:

commingled customer funds, used them to cover its own obligations, and had it failed its customers would have been exposed to a "massive shortfall in the reserve account." [19659021] Which is basically what AG is accusing iFinex of. But while the SEC dealt with the Merrill Lynch case without causing panic and customer withdrawals, the move by AG has sparked just that for iFinex


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