Juli 17, 2020

New York Court Rejects Bitfinex Appeal on $850 Million Lost

A New York Supreme Court has ruled that the veteran cryptoswitching exchange Bitfinex and its related stablecoin Tether (USDT) company must address claims that concealed the loss of funds from mixed companies and customers.

The lawsuits were filed by New York Attorney General Letitia James, who has accused Bitfinex affiliates and several related companies of hiding more than $850 million in lost funds.

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Bitfinex claims that its funds were deposited with Crypto Capital, a Panamanian company accused of providing shadow banking services to virtual currency exchanges, before being seized by government authorities in several countries. They are working to recover the money.

You serve, so we protect
The court rejected the companies‘ statement that the court does not have jurisdiction over Bitfinex because it is not based in New York and does not provide services to local traders, stating that several of its employees worked in New York and that the USDT had been used by local residents.

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Today’s decision validates our office’s ability to use its broad and comprehensive investigative powers to protect New Yorkers,“ said Attorney General James. „Even virtual currencies are not above the law. We are pleased with the court’s decision, and we will continue to protect the interests of investors in the marketplace.

Tether’s dominance extends

The news comes at the same time as Tether’s influence on the crypto markets, as Messari has recently estimated that the third largest crypto asset now has a market capitalization of over UDS 10 billion.

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According to CoinMarketCap, Immediate Edge is the most traded cryptoactive representing 35% of the total daily cryptovolume. In contrast, Bitcoin pairs (BTC) account for almost 26% of the trade.

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