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Home / Business / Bitfinex Demands Heavy $ 850 Million Lost Tethers – False Assertions & # 39; out

Bitfinex Demands Heavy $ 850 Million Lost Tethers – False Assertions & # 39; out



Following the allegations of the New York Attorney General that Bitfinex had covered $ 850 million, the company gave its answer. Binfinex rejects the allegations as "imputed with false claims" and that the money is not lost.


The cover-up claims

According to the New York Attorney General's claim, Bitfinex lost $ 850 million in customer money. This was submitted to Crypto Capital Corp. sent and seized by the payment processing company. The allegation also states that Bitfinex has used the liquidity reserves of the associated Stablecoin Tether to cover the underfunding.

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The AG, Letitia James, claims that this "loss of funds" and the movement of reserves have not been reported by the operators of Bitfinex and Tether, iFinex. As a result, it "covered up to hide the apparent loss of $ 850 million of mixed customer and business assets."

At the time of printing, the price of USD Tether 0 0 [19659009] has fallen below its $ 1 pin. Meanwhile, its stable competitors such as USD Coin 0 0 and TrueUSD 0 0 have now been trading at a low premium.

This suggests that investors are likely to swapped their approaches to avoid further surprises.

Remarkably, Bitcoinist reported yesterday that the supply of trailers has reached an all-time high.

& # 39; Bitfinex and Tether are financially strong & # 39; [19659003] Bitfinex today responded by claiming that the AG's submissions:

… were written in bad faith and interspersed with false claims, including an alleged "loss" of $ 850 million at Crypto Capital.

It was claimed that these funds were not lost but "were actually seized and secured," and she was actively working to release those funds. She went on to chastise the AG because she had not done more to support and support her recovery efforts.

Both Bitfinex and Tether are financially strong. Both Bitfinex and Tether are committed to combating this gross violation of the New York Procuratorate against companies that are good corporate citizens and strong advocates of law enforcement. Bitfinex and Tether will vigorously challenge this and all other actions of the prosecutor in New York.

The Double Standards

Caitlin Long pointed out on Twitter that the allegations were also raised. True, the NY AG has committed double standards. From 2009 to 2012, Merrill Lynch, according to the SEC:

mixed client funds, used them to cover its own obligations and if the bank had been denied, its clients would have had a "massive loss on the reserve account". 19659021] This is essentially what the AG accuses iFinex. While the SEC dealt with the Merrill Lynch case without causing panic and customer withdrawal, the AG's move has sparked exactly that for iFinex.


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