• About us
  • Contact Us
  • Privacy & Policy
CryptoCoinNewsHub.com
No Result
View All Result
Tuesday, August 4, 2020
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading
CryptoCoinNewsHub.com
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading
No Result
View All Result
CryptoCoinNewsHub.com
No Result
View All Result
Home Blockchain

BitFinex Can Hold On to Documents About Alleged $850 Million Cover-up

September 24, 2019
in Blockchain
2 min read
0
BitFinex Can Hold On to Documents About Alleged $850 Million Cover-up
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

The Appellate Division of the New York Supreme Court has ruled that Bitfinex can hold on to documents pertaining to the alleged cover-up of an $850 million loss on the Bitfinex trading platform.

Ongoing case

In a Sept. 24 court order, appellate court justices David Friedman, Peter Tom, Troy Webber, Ellen Gesmer and Jeffrey Oing moved to stop a previous ruling by New York Supreme Court Judge Joel Cohen that required BitFinex to produce documents and information related to the $850 million loss on the exchange.

As Cointelegraph reported in April, the New York Attorney General’s office (NYAG) filed a complaint against parent company iFinex, Bitfinex and affiliated stablecoin issuer Tether alleging that the companies defrauded New York investors by covering up an $850 million loss on the Bitfinex trading platform. Attorney General Letitia James wrote at the time:

“Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also control the ‘tether’ virtual currency, have engaged in a cover-up to hide the apparent loss of $850 million dollars of co-mingled client and corporate funds.”

Cointelegraph further reported that the Attorney General revealed that her office obtained a court filing which alleged that the companies were in violation of New York law and that Bitfinex never revealed the loss to investors. The filings claimed that Tether engaged in a series of corporate transactions in which Bitfinex got access to up to $900 million of Tether’s cash reserves and used the funds to hide losses and inability to handle clients’ withdrawals.

Bitfinex and Tether will pursue appeals

Cointelegraph reported on Aug. 20 that Bitfinex and Tether replied to Judge Joel Cohen’s ruling in the New York Attorney General ongoing case against both companies by saying that they would appeal the decision not to throw out the case due to lack of jurisdiction.

RELATED  Swiss Crypto Bank Dukascopy to Introduce Its Own Cryptocurrency


Credit: Source link

  • Trending
  • Comments
  • Latest
Japanese Messenger Line, Nomura Holdings Form Blockchain Alliance

Japanese Messenger Line, Nomura Holdings Form Blockchain Alliance

October 4, 2019
Hong Kong’s SFC Releases Regulations for Crypto Fund Managers

Hong Kong’s SFC Releases Regulations for Crypto Fund Managers

October 7, 2019
Student May Have Tried to Hack West Virginia’s Blockchain Voting App

Student May Have Tried to Hack West Virginia’s Blockchain Voting App

October 9, 2019
Most Top-20 Coins See Slight Red as Bitcoin Price Slips Below $8.1K

Most Top-20 Coins See Slight Red as Bitcoin Price Slips Below $8.1K

October 5, 2019

Confiscated Bitcoins by Tax Agents Remain in a Criminal’s Wallet

February 7, 2020

XRP Beats Ethereum and Bitcoin as the Best Performing Crypto

February 1, 2020

Robin Hood- Problems in more than just Sherwood Forest

January 28, 2020

One Wallet Has 27% of Ether in Old MakerDAO Network

January 26, 2020
CryptoCoinNewsHub.com

CryptoCoinNewsHub.com is an online news portal which aims to provide latest trendy crypto news around the world with real time updates.
Email us hello@cryptocoinnewshub.com

Topics to Cover

  • Bitcoin
  • Blockchain
  • Business
  • Crypto News
  • Ethereum
  • Ripple
  • Tech
  • Trading

Whats New Here!

  • Confiscated Bitcoins by Tax Agents Remain in a Criminal’s Wallet
  • XRP Beats Ethereum and Bitcoin as the Best Performing Crypto
  • Robin Hood- Problems in more than just Sherwood Forest

Subscribe to get more

Simply subscribe to our newsletters and we will be in touch. Don't worry, we won't spam you

© 2019 CryptoCoinNewsHub.com - All rights reserved

No Result
View All Result
  • Home
  • Live Updates
    • Cryptocurrency Prices
    • Live ICO
    • Live Exchange
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
  • Blockchain
  • Tech
  • Business
  • Trading

© 2019 CryptoCoinNewsHub.com - All rights reserved

  • bitcoinBitcoin(BTC)$8,152.26-0.70%
  • ethereumEthereum(ETH)$175.30-1.63%
  • rippleXRP(XRP)$0.252799-0.58%
  • bitcoin-cashBitcoin Cash(BCH)$242.68-2.16%
  • tetherTether(USDT)$1.000.27%
  • litecoinLitecoin(LTC)$55.01-1.92%
  • eosEOS(EOS)$3.11-2.39%
  • binance-coinBinance Coin(BNB)$18.56-2.84%
  • cardanoCardano(ADA)$0.042556-2.10%
  • stellarStellar(XLM)$0.064655-3.04%
  • tronTRON(TRX)$0.016891-2.25%
  • moneroMonero(XMR)$58.64-0.32%
  • neoNEO(NEO)$11.682.51%
  • iotaIOTA(MIOTA)$0.245122-1.96%
  • dashDash(DASH)$65.431.15%
  • nemNEM(XEM)$0.039494-0.75%