New York Attorney General, Letitia James, accused both Bitfinex and Tether of conspiring to cover up an $850 Million loss by Bitfinex without accurately reporting it to investors. This led to a long-drawn court battle and accusations against the stablecoin issuer and the crypto exchange Bitfinex. DAN Website https://danteachescrypto.com/ DA In this video, I discuss the Tether lawsuit and what will come of this. 17:36 – More Taxes GLOBALLY are COMING! The holding company as expected did not address the issue of market manipulation. Tether, a so-called stablecoin is supposed to be backed on a one-to-one basis by the U.S. dollar, however New York attorney general Letitia James in April accused the company behind Tether … Bitfinex and Tether are owned and operated by a small group of executives and shareholders that are located around the world. Setting up Your Network with Tether . As reported by CryptoPotato earlier, January 15th was a much-anticipated date regarding the case between the New York Attorney General’s office and iFinex – the parent company of both Tether and Bitfinex. The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation “A lawsuit has been filed against you,” the summon notice read. The second Bitfinex/Tether lawsuit in six weeks The second class-action complaint was filed on Friday November 22 in the US District Court for the Western District of Washington. Tether seems to have become a digital version of fiat that can be printed by the issuer at will. And third, the special proceeding is only directed at getting information and keeping the injunction in order for the AG to conduct her investigation. Bitcoin Trading & Technical Analysis (November 6th, 2020) Next. After more than two years of legal battle and investigation, iFinex and stablecoin issuer Tether have agreed to an $18.5 million settlement with the New York Attorney General’s office (OAG) today while admitting to no wrongdoing. 1/15/21 IS THE DATE. Tether will also alert you of any firmware updates to ensure the best, most advanced Wi-Fi experience in your network. Bitfinex is a cryptocurrency exchange, and Tether, “ which is owned by the same small group of … the date of this Settlement Agreement, Tether represents that over 31 billion tethers have been issued and are outstanding and traded in the market. Many in the cryptocurrency field have recently discussed the upcoming January 15th date as an important consideration for the ongoing case between the office of the New York Attorney General (NYAG) and iFinex, the parent company of Bitfinex and Tether. The Tether Lawsuit. Currently, with the pre-trial set for February 22, there has been a build-up of tension in the crypto community regarding XRP’s outcome. On this date, iFinex had to produce a bulk of documents requested by the office of the NYAG. January 13, 2021. The settlement terms will see the accused parties part with $18.5 million in fees and Tether providing quarterly reports of its reserves for the next 24 months. Second, this is not a criminal investigation. The lawsuit is on behalf of investors who purchased cryptocurrencies at what they believe are artificially inflated prices. While the loan is repaid, legal action surrounding the loan continues to move forward. 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. First, there is no lawsuit or complaint that’s been filed against Bitfinex or tether in New York by the AG. The company has claimed that all the created USDT were backed by the United States dollars and about ¼ of USDT backed by other assets. CRYPTO … The company has also questioned the lawsuit’s timing - SEC Chairman Jay Clayton is soon to step down - and said the U.S. government and other … Thursday, February 25 2021 . The lawsuit filed by NYAG alleges that both Bitfinex and Tether were involved in a misappropriation of $850 million funds. Publish date: Feb 23, 2021. Read more: Tether, Bitfinex File Motion to Dismiss Market Manipulation Lawsuit. TP-Link Cloud Compatibility. Tether is a controversial cryptocurrency with tokens issued by Tether Limited. The lawsuit filed in October last year, alleges that crypto exchange giant Bitfinex and its sister company Tether inflated the supply of Tether’s USDT stablecoin without proper US dollar backing to drive up crypto prices during 2017’s all-time high. With this in mind, below is a comprehensive summary of what happened and what to expect on this date. The NY AG is investigating Tether for alleged fraud associated with the loan made by Tether to Bitfinex designed to hide a $850m shortfall in USD funds on Bitfinex. Bitfinex and Tether (USDT) Settle With NY Attorney General for $18.5M Ethereum World News 14:31 23-Feb-21. January 15th is an important date that may be holding Cryptocurrency back from another price surge. According to Bitfinex, this “copycat” lawsuit is as equally flawed as the first one filed by Roche Freedman on October 6 . The Details. It formerly falsely claimed that each token was backed by one United States dollar, but on 14 March 2019 changed the backing to include loans to affiliate companies. We also go over major Cryptocurrency Bank news. iFinex Inc. — the parent company of both Tether and Bitfinex — is facing multiple class-action lawsuits as a result of the loan which allege that the company issued unbacked Tether that … According to the lawsuit, Potter, along with business partner and another defendant in the case Giancarlo Devasini, formed Tether in 2014 after rebranding another stablecoin issuer Realcoin. 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. 13. CRYPTO ESSENTIALS (100% FREE!) Bitcoin – Explained in less than 5 minutes #LessThan5Min. Settlement With NYAG Reached: Tether and Bitfinex to Pay $18.5M and Stop Servicing NY Clients CryptoPotato.com 13:47 23-Feb-21. Is Tether next in line for an SEC sanction? If you need to reboot, update, or reconfigure your home router while at the office or on vacation, TP-Link Cloud Service makes it easy. Per the lawsuit, Tether issued billions of USDT without backing them with the US dollar and purchased Bitcoin from the spot market, thus pushing the demand of the digital currency. Bitcoin investors can be relieved as Bitfinex, Tether settle NYAG lawsuit Crypto News Flash 14:56 23-Feb-21. “Today marks an important step in Tether’s journey, as we launch a redesigned platform allowing for the verification of new customers and direct redemption of Tether to fiat.” All accounts require a minimal issuance and redemption of $100,000 USD or 100,000 USDT. iFinex Inc., the guardian firm of cryptocurrency trade Bitfinex and the Tether stablecoin has settled a long-running lawsuit filed by the New York Lawyer. Lawyers for Tether and Bitfinex parent iFinex have said a class action lawsuit accusing them of market manipulation relies on unfounded allegations. Another allegation has also been made regarding serving clients in the NY jurisdiction where they should not be allowed to. January 15th is an important date that may be holding Cryptocurrency back from another price surge. November 27, 2018 — In a blog post , Tether says its customers can once again redeem tether for actual dollars via tether.io. Arrington’s opinion comes as many have expressed their two cents regarding the outcome of the SEC lawsuit. The beginning of the end for banks 14:17 – New SEC CHAIR is a CRYPTO SCHOLAR! iFinex’s legal counsel on January 19 filed a court document seeking a 30-day extension four days after the previous deadline was set for January 15 . 0:00 – Market Recap | Topics Overview 3:24 – Tether Lawsuit & 1.15.21 12:36 – NEGATIVE Interest Rates. WARNING: The comments are full of scammers lately! The injunction (which expires on Jan 15 2021) was designed to stop Tether and Bitfinex coming up with any other arrangements to address the shortfall as well as prohibiting destruction of documents and other evidence. In November 2018, the Attorney General issued subpoenas to Bitfinex and Tether, which are owned and operated by the same small group of individuals, and claim not to do business in New York. A weight has been lifted from the world of digital assets – iFinex, the parent company of Tether and Bitfinex, has settled its longstanding lawsuit levied by The Office of the Attorney General of the State of New York (OAG)..