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. The disclosure to the NYAG will definitely bring some transparency to the company’s operations. SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. That injunction stems from the 2019 lawsuit James v. iFinex Ltd. which accused iFinex of covering up losses. Lawyers for Tether and Bitfinex parent iFinex have said a class action lawsuit accusing them of market manipulation relies on unfounded allegations. 1/15/21 IS THE DATE. The lawsuit was filed in November last year and was part of a series of legal suits alleging market manipulation. “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. The journalism, reporting and commentary on. Today the general counsel of Bitfinex and Tether, Stuart Hoegner, published a tweet about the lawsuit filed by the Attorney General of New York. 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 lawsuit against Tether. There are even accounts using my name and logo! Tags: Cryptocurrency ENTIRE Information Lawsuit Market Tether WARNING. The Tether Lawsuit. We do not store your information and we do not disclose our sources. 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. The plaintiffs did so voluntarily and then reintroduced the lawsuit in a new jurisdiction. Terms, Cookies and Privacy Notice. Over the years, speculation regarding Tether’s legitimacy has grown. There have been claims that Tether has manipulated the Bitcoin price. Lawyers for Tether and Bitfinex parent iFinex have said a class action lawsuit accusing them of market manipulation relies on unfounded allegations. USDT is a stablecoin, which means it’s supposedly “pegged” to fiat currency. The drama surrounding Tether, a cryptocurrency that’s used to purchase other cryptocurrencies, most regularly bitcoin predates the legal case. … We’d also like to tell you about our mission and how you can help us fulfill it. 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. For more information, read our SiliconANGLE Media Inc.’s business model is based on the intrinsic value of the content, not advertising. First, going down to paragraph 12, Plaintiff alleges that Defendant’s “market manipulation” caused the price of Bitcoin to increase 25 times. Tether is a controversial cryptocurrency with tokens issued by Tether Limited. The companies reached the settlement deal with the US prosecutor after a long inquiry into its business operations. Bitfinex and Tether Fined $18.5M in Settlement With NY Attorney General, Both Firms Barred From Trading in the City Bitcoin.com 03:10 24-Feb-21 iFinex agrees to pay $18.5M to settle New York Tether lawsuit SiliconANGLE 02:47 24-Feb-21 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. 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. The holding company as expected did not address the issue of market manipulation. In fact, the main worry is that evidence will come to light that Tether created large amounts of USDT out of thin air. 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