Dura lex, sed lex – Really, nothing helps. While Bitfinex and Tether have just made a final attempt to close the case of the alleged manipulation of Bitcoin’s price with the USDT, the US justice persists and signs in another case. The New York Attorney General’s Office (NYAG) still requires both companies to produce internal documents.
A never-ending legal battle
The litigation between the New York attorney general’s office and the Bitfinex and Tether companies dates back to April 2019 . The Attorney General did not appreciate the small internal kitchen to which the 2 companies of the iFinex group engaged .
Tether has clearly given Bitfinex a $ 900 million USDT stablecoin loan.
According to CoinDesk, which reports an interview between the NYAG and the accused companies, lawyers for the latter criticized the production order for being too broad . The prosecutor’s office, meanwhile, argued that its order was „reasonable“ and that Bitfinex had not submitted enough documents despite exceeding the maximum deadline for this purpose.
The judge ruled against crypto-companies
Judge Joel M. Cohen , in charge of the investigation, finally ruled in favor of the NYAG office. Bitfinex and Tether must hand over all documents detailing their financial trading history .
In addition, the judge extended the injunction to Tether by 90 days , strictly forbidding it from lending funds to Bitfinex.
It is therefore a certain status quo that settles between the two parties, each remaining in its position. D’autant que le juge n’a pas fixe de nouvelle date limite pour que les sociétés d’iFinex produisent les documents in question.
We imagine that the latter will do nothing to speed things up. Meanwhile, Tether and the USDT are doing very well , a sign that the cryptosphere seems to have turned the page on this story faster than the NYAG office.