Thank you. For more information, read our Thank you for registering to Finance Magnates. Leave your name/email (not required) if you'd like to be contacted about this story (will not be disclosed): Be it a typo or a factual error - we do our best but we are also human! Docket for In re Tether and Bitfinex Crypto Asset Litigation, 1:19-cv-09236 — Brought to you by the RECAP Initiative and Free Law Project, a non-profit dedicated to creating high quality open legal information. Show your support for our mission with our one-click subscription to our YouTube channel (below). Since then, Tether has contributed more than $300,000 to McCormack's defence - but the stablecoin issuer hopes other industry representatives will chip in as well. However, Bitfinex maintained its position that it did not suffer any losses as the funds with its payment processor were seized by the authorities in Portugal, Poland and the US. Keeping the quality high requires the support of sponsors who are aligned with our vision of ad-free journalism content. In November 2018, the Attorney General issued subpoenas to Bitfinex and Tether, which are owned and operated by the same small group of individuals, and claim not to do business in New York. Under the terms of the settlement, iFinex has agreed to pay a fine of $18.5 million in return for admitting no wrongdoing. On this date, iFinex had to produce a bulk of … The lawsuit filed by NYAG alleges that both Bitfinex and Tether were involved in a misappropriation of $850 million funds. IoTeX (IOTX) rallies 300% after DeFi and Amazon Web Services integration. As reported by CryptoPotato earlier, January 15th was a much-anticipated date regarding the case between the New York Attorney General’s office and iFinex – the parent company of both Tether and Bitfinex. CRYPTO NEWS – Tether Lawsuit and Banks Fight Bitcoin February 2, 2021 admin Bitcoin Frauds And Crimes 42 January 15th is an important date that may be holding Cryptocurrency back from another price surge. And by the way, Ether and Litecoin also spiked. If the NYAG found evidence that not all Tether (USDT) was backed 1:1 by U.S. dollar reserves, some fear this could have led to the “fall” of Tether and thus a crash of the crypto market. March 31, 2017 — Correspondent bank Wells Fargo cuts off services to Bitfinex and Tether, according to court documents in a lawsuit that Bitfinex later files. However, they have agreed to pay $18.5 million and handover quarterly reports showing the composition of Tether’s reserves for the next two years. Jan 2 On January 15th 2021 Tether is due to produce documents for the lawsuit brought forth by New York Attorney General Letitia James. The lawsuit claimed that Bitfinex and Tether engaged in “undisclosed, conflicted transactions to cover Bitfinex’s losses by transferring money out of Tether reserve funds.” The amount claimed to have been taken is at least $700 million, with Bitfinex trying to cover a loss of $850 million. We will send instructions to reset WARNING: The comments are full of scammers lately! Officially announced on Tuesday, both Bitfinex and Tether did not admit any wrongdoings in the settlement. Dogecoin Posts a Classic Pullback for Altcoin Investors. Today the general counsel of Bitfinex and Tether, Stuart Hoegner, published a tweet about the lawsuit filed by the Attorney General of New York. Tether’s deadline on the iFinex case expires today, January 15 th, and here’s everything that you need to know about the case, as we read more in today’s Tether news.. A lot of people in the crypto field have discussed today’s date as an important consideration for the case between the New York Attorney General and iFinex which is the parent company of Tether and Bitfinex. We also go over major Cryptocurrency Bank news. First, going down to paragraph 12, Plaintiff alleges that Defendant’s “market manipulation” caused the price of Bitcoin to increase 25 times. This lawsuit is attacking the very legitimacy of Tether, the number #3 ranked cryptocurrency by market cap. The drama surrounding Tether, a cryptocurrency that’s used to purchase other cryptocurrencies, most regularly bitcoin predates the legal case. It formerly falsely claimed that each token was backed by one United States dollar, but on 14 March 2019 changed the backing to include loans to affiliate companies. The holding company as expected did not address the issue of market manipulation. On this date, iFinex had to produce a bulk of documents requested by the office of the NYAG. The deadline for Tether to submit the documents requested by the New York Prosecutor’s Office expires on January 15th, 2021. Plaintiffs allege Tether of creating USDT out of thin air. We do not store your information and we do not disclose our sources. EuropeFX Adds New Technology Stocks, Index to Diverse OfferingGo to article >>. 6 HOURS AGO, SECURITY - BY MARIA DEUTSCHER . “Nothing in this Settlement Agreement shall relieve Bitfinex or Tether of other obligations imposed by any applicable state or federal law or regulation or other applicable law,” the legal document noted. Terms, Cookies and Privacy Notice. According to the lawsuit, Potter, along with business partner and another defendant in the case Giancarlo Devasini, formed Tether in 2014 after rebranding another stablecoin issuer Realcoin. The controversial issue at hand that needs to be addressed is the collateralization of all USDT created by Tether. Despite tumultuous times in the cryptocurrency market, Tether, also known as USDT, was as of 9:30 p.m. EST trading where it should be: exactly $1. This field is for validation purposes and should be left unchanged. The plaintiffs did so voluntarily and then reintroduced the lawsuit in a new jurisdiction. The Tether Lawsuit. The latter alleges, in a lawsuit, that Bitfinex lost $850 million and then used funds from its affiliated stablecoin issuer (Tether) to cover the shortfall. In this video, I discuss the Tether lawsuit and what will come of this. In the tweet he quotes a letter sent yesterday by the Office of the Attorney General (OAG) to Judge Cohen of the New York Supreme Court, requesting the immediate submission of the requested documentation to Bitfinex and Tether. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.”. Get my free 15 video cryptocurrency course: Trade Crypto on … New York Attorney General, Letitia James, accused both Bitfinex and Tether of conspiring to cover up an $850 Million loss by Bitfinex without accurately reporting it to investors. However, this brings us to the main problem at hand: The Lawsuit. The lawsuit is based on the claim that the circulating supply of Tether’s USDT isn’t backed by fiat currency, as the company has claimed. March 11, 2021. USDT is a stablecoin, which means it’s supposedly “pegged” to fiat currency. Still, JL van der Velde, CEO of both Bitfinex and Tether, denied the allegations stating "Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation. there is news regarding the lawsuit coming out tomorrow apparently so beware. The lawsuit against Tether. David Leibowitz, Jason Leibowitz, Benjamin Leibowitz, Aaron Leibowitz, and Pinchas Goldshtein filed a class-action lawsuit against Tether and Bitfinex claiming that the exchange and Tether USDT manipulated markets resulting in damages to the tune of $1.4 trillion on 10/06/19. The New York prosecutor initiated the lawsuit and inquiry on the two crypto companies in April 2019 for opening an unsecured loan by Tether for covering up a loss incurred by its sister company, Bitfinex, which suffered an $850 million loss due to its defaulter payment processor, Crypto Capital. if real bad news comes out regarding tether then BTC should shoot up as people exit tether and then btc will dump..I would guess btc would shoot up 15% then dump 40%. Crypto exchange, Bitfinex and stablecoin issuer, Tether have entered into a settlement with the New York Attorney General’s office (NYAG) after almost two years in a legal fight. According to Bitfinex’s and Tether’s General Counsel, Stuart Hoegner, the companies shared 2.5 million documents with the NYAG. Tether and Bitfinex lawsuit is still going on and January 15 holds an important date as it is the deadline given by the court to Tether to reveal its business practices and its treasury audit which the company has sighed away for a long. Over the years, speculation regarding Tether’s legitimacy has grown. It formerly falsely claimed that each token was backed by one United States dollar, but on 14 March 2019 changed the backing to include loans to affiliate companies. In addition, the company agreed to provide quarterly reports describing the composition of Tether’s reserves for the next two years, along with agreeing to end all trading activity with those living in New York. The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation “A lawsuit has been filed against you,” the summon notice read. 1/15/21 IS THE DATE. Additionally, the settlement made sure that the New York prosecutor will not charge the crypto companies over these allegations in the future. … We’d also like to tell you about our mission and how you can help us fulfill it. There is concern within the crypto world about this deadline, although it is probably an exaggerated fear. COULD THE TETHER LAWSUIT BRING DOWN THE ENTIRE BITCOIN & CRYPTOCURRENCY MARKET? Unlike many online publications, we don’t have a paywall or run banner advertising, because we want to keep our journalism open, without influence or the need to chase traffic.The journalism, reporting and commentary on SiliconANGLE — along with live, unscripted video from our Silicon Valley studio and globe-trotting video teams at theCUBE — take a lot of hard work, time and money. Tether and Bitfinex lawsuit is still going on and January 15 holds an important date as it is the deadline given by the court to Tether to reveal its business practices and its treasury audit which the company has sighed away for a long. There is concern within the crypto world about this deadline, although it is probably an exaggerated fear. There have been claims that Tether has manipulated the Bitcoin price. by January 15th is an important date that may be holding Cryptocurrency back from another price surge. Duncan Riley. Please open the email we sent you and click on the link to verify your account. New York Attorney General (NYAG) Letitia James has sent a letter that could extend restrictions previously imposed on Tether and Bitfinex as part of an ongoing court case (James v. iFinex).. NYAG Restricts Bitfinex’s Activity. When Tether was first created, they claimed to be backed 1:1 with the US Dollar, but to date, there is not a single shred of evidence that supports their claims. iFinex Inc., the parent company of cryptocurrency exchange Bitfinex and the Tether stablecoin, has settled a long-running lawsuit filed by the New York Attorney General’s office in April 2019. Jan 1 XRP had a 1.3 billion dollar lawsuit that plunged prices 70% TETHER has a 1.4 TRILLION dollar lawsuit, imagine the drop if the SEC sues TETHER COMPANY thats been propping BTC prices for over 3 years now 90 % dump imminent if it happens There are even accounts using my name and logo! The lawsuit was filed in November last year and was part of a series of legal suits alleging market manipulation. The NY AG is investigating Tether for alleged fraud associated with the loan made by Tether to Bitfinex designed to hide a $850m shortfall in USD funds on Bitfinex. March 11, 2021. In fact, the main worry is that evidence will come to light that Tether created large amounts of USDT out of thin air. Lawyers for Tether and Bitfinex parent iFinex have said a class action lawsuit accusing them of market manipulation relies on unfounded allegations. In fact, the main worry is that evidence will come to light that Tether created large amounts of USDT out of thin air. Finance Magnates is a global B2B provider of multi-asset trading news, research and events Tether is a controversial cryptocurrency with tokens issued by Tether Limited. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. Support our mission: >>>>>> SUBSCRIBE NOW >>>>>> to our YouTube channel. “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. New York Attorney General (NYAG) Letitia James has sent a letter that could extend restrictions previously imposed on Tether and Bitfinex as part of an ongoing court case (James v. iFinex).. NYAG Restricts Bitfinex’s Activity. Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether. Date: Wednesday 6th January Company: Bitfinex Role: CTO & General Counsel. The plaintiffs alleged that Potter concealed his controlling role in both Bitfinex and Tether, two major firms in the cryptocurrency industry. Avid bitcoiner Peter McCormack released a podcast interview (archive) with two Tether/Bitfinex frontmen today—CTO Paolo Ardoino and General Counsel Stuart Hoegner. 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The deadline for Tether to submit the documents requested by the New York Prosecutor’s Office expires on January 15th, 2021. This field is for validation purposes and should be left unchanged. with special focus on electronic trading, banking, and investing.Copyright © 2021 "Finance Magnates Ltd." All rights reserved. According to Bitfinex, this “copycat” lawsuit is as equally flawed as the first one filed by Roche Freedman on October 6 . A new plaintiff against Tether and Bitfinex. McCormack is a well-known Tether apologist whose podcasts are funded almost exclusively by bitcoin companies. iFinex agrees to pay $18.5M to settle New York Tether lawsuit, Shares in Square plummet after company discloses bitcoin investment, PerimeterX bags $57M to shield enterprise websites from hackers and bots, WiDS women-led workshops make data science education accessible to all, Imperva unifies its security capabilities with AI-infused Sonar platform, Cloud misconfiguration still a big security problem, report finds, BLOCKCHAIN - BY DUNCAN RILEY . Lawyers for Tether and Bitfinex parent iFinex have said a class action lawsuit accusing them of market manipulation relies on unfounded allegations. The more subscribers we have, the more YouTube will suggest relevant enterprise and emerging technology content to you. That injunction stems from the 2019 lawsuit James v. iFinex Ltd. which accused iFinex of covering up losses. Last year, James and the New York Attorney General’s office accused iFinex of losing $850 million of user deposits. iFinex Inc., the parent company of cryptocurrency exchange Bitfinex and the Tether stablecoin, has settled a long-running lawsuit filed by the New … There is concern within the crypto world about this deadline, although it is probably an exaggerated fear. Per the lawsuit, Tether issued billions of USDT without backing them with the US dollar and purchased Bitcoin from the spot market, thus pushing the demand of the digital currency. Allegations that iFinex was not holding reserves to back Tether – a stablecoin is meant at least in theory to be backed by real assets to support its price — first emerged in January 2018 and the U.S. Commodity Futures Trading Commission reported to have launched an investigation. Have rejected allegations made in an amended consolidated class action lawsuit accusing them of market manipulation relies on allegations. 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