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October 4, 2022
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iFinex asks for an additional 30 days to submit procedural documents regarding Tether –

iFinex Inc takes another 30 days to submit court papers to the New York Attorney General.

iFinex asks for more time

iFinex Inc – the parent company of the Bitfinex cryptocurrency exchange and the issuer of the stablecoin Tether (USDT) – wrote a letter to the New York Supreme Court requesting a further postponement of the upcoming trial. According to the application filed in the New York court system of On January 19, iFinex Inc attorney-at-law requested a further 30 days to submit the documents requested from the Office of the Attorney General (OAG). The company had time only until January 15, and the court had already agreed to extend the deadline earlier.

Defendant Charles Michael said in court yesterday that “significant amount” the material had already been handed over to the OAG, but remained “Additional agreed items”, which will be delivered but later.

The notification notes that in addition to the time needed to present the documents in question, additional time should also be allowed for the OAG to analyze their relevance. The notification states:

“The parties will need a few more weeks to submit additional information for the OAG to review [dokumentów] and discussed further proceedings, if necessary at all ”.

A case whose roots go back to 2019.

The ongoing legal battle continues until April 2019, when the New York attorney general accused Bitfinex of trying to hide the loss of $ 850 million in client funds by illegally borrowing money from Tether (the two companies are closely related). The company is also accused of conducting an illegal offering of securities.

An investigation by NYAG previously revealed that no more than 74 percent. Tether’s stablecoins were actually backed by real cash reserves. However, this did not stop the company from issuing more than USDT 24 billion.

Bitfinex’s chief technology officer Paulo Ardoini recently tweeted that Tether is registered and regulated under the Financial Crimes Enforcement Network, and any suggestion that USDT’s foundations are being manipulated has so far been largely an attempt to trigger a sell-off in the Bitcoin market.

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