New York AG Finds It ‘Perverse’ For Bitfinex and Tether to Criticize Investigation
Joeri Cant's original article for cointelegraph.com reduced by 80%
In a filing with the New York State Supreme Court's Appellate Division, New York Attorney General Letitia James roundly criticized the efforts of Bitfinex and Tether to halt her office's investigation into the companies. Bitfinex and Tether are under investigation for an accounting coverup in which Bitfinex is alleged to have improperly transferred $625 million that had been backing the Tether stablecoin in order to conceal Bitfinex's liquidity shortfall. Bitfinex and Tether say crypto customers know the risks of investmentIn their filing, lawyers for Bitfinex and Tether lawyers also made the provocative argument that, because the companies are private, they do not need to inform customers of risks to their deposits, despite claiming that Tether had been "Fully backed" by reserves of US dollars.
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CN [too long; didn’t read]
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