On February 23, 2021, the Attorney General announced a definitive settlement of the matter. As we previously reported, the New York Attorney General has been in protracted litigation with crypto exchange Bitfinex and affiliated stablecoin-issuer Tether. Tether (USDT) has been subject of numerous rumors of fraud and other accusations. On January 15th 2021 Tether is due to produce documents for the lawsuit brought forth by New York Attorney General Letitia James. Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. The filing said that Tether claimed on its website until February 2019 that every unit of the digital currency is “always … In a statement, New York Attorney General Leticia James declared: Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines. Tether is supposed to always have the … In addition to the penalties listed above, Bitfinex and Tether will no longer be able to operate in New York or supply New York residents with trading services. The New York Attorney General’s office (NYAG) has also published its own statement on the settlement, which takes a much more negative stance. The New York attorney-general laid out findings from its investigation into Tether in a court petition in April 2019. Yesterday, the New York Attorney General (NYAG) announced it had settled its case with Bitfinex and Tether over a USD 850 million loan between the 2 firms. Bitfinex and Tether have been banned from operating in New York and must pay a fine of $18.5 million as part of a settlement with the New York Attorney General… But the question that hounds Tether—and is the subject of an investigation by the New York attorney general’s office—is whether its most attractive quality is … Tether awaits clarification on the ongoing case against the New York Attorney General. Other states and jurisdictions may be watching how they handle disclosures mandated in the settlement. The New York Attorney General’s office is losing patience with Bitfinex and Tether. NYAG Senior Enforcement Counsel John Castiglione filed a … Matt Stankiewicz, Managing Counsel at The Volkov Law Group, joins us for updates on the NYAG’s case against Bitfinex and Tether. New York Attorney General Letitia James has doubled down in its rhetoric against fraudulent and deceptive cryptocurrency trading platforms and has ordered Bitfinex and Tether to shut down their operation in New York.. Bitfinex’s Tether, one of the world’s most popular stablecoins, has finally gave in to regulatory pressure. This lawsuit is attacking the very legitimacy of Tether, the number #3 ranked cryptocurrency by market cap. Tether and Bitfinex settled with the New York Attorney General's office. The settlement cements the New York Attorney General’s intention aggressively to police the virtual currency …
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