Tether’s Deadline On iFinex Case Expires Today, What’s There To Know?

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. Back in April 2019, the NYAG alleged that bitfinex lost about $850 million and then used funds from Tether to cover the shortfall. Tether then issued a statement on its blog post which said that the allegations were written in “Bad faith” and were “riddled with false assertions.”

Judge Joel Cohen granted a partial stay n the request by the NYAG to get documents from two companies until their hearing takes place and during this hearing, the judge decided to extend the preliminary injunction as he wasn’t really ready to make a decision if the case should go forward. However, he extended the injunction by 90 days.
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In August, the NYAG presented new evidence and the document read:

“The OAG has uncovered substantial ties between Respondents and New York concerning Respondents’ corporate operations; trading on the Bitfinex platform; the issuance, redemption, and trading of tethers; use of financial institutions to move money and process customer deposits and withdrawals; and representations to the market that might have been misleading.”

NYAG called ifinex’s motion to dismiss an “improper attempt to impede a lawful investigation” and later in September, Judge Cohen ruled that Tether and Bitfinex have to turn over documents detailing their financial relationship with the NYAG office. In addition to this, he extended the injunction which barred Tether from loaning the funds to Bitfinex by more than 90 more days.

On December 9^th, Letitia James who is an Attorney General, filed a document where he asked Judge Choen to extend the deadline to January 15^th as James said that these parties continue cooperating on the production of documents in response to the 354 Order and anticipate that the production will be finalized in the upcoming weeks.

Tether’s deadline arrives today and there are a few reasons for this being the critical point in this case. It requires that iFinex produces information for the NYAG to continue the investigation and to further substantiate the merits of the claims and what’s even more important is the nature of the document as iFinex has to produce materials in which it will determine whether and how to issue or redeem tethers, documents, and communications.