Altcoin News: Bitfinex Will Not Provide the Documents Requested by the Prosecutor’s Office

September 25, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Bitfinex cryptocurrency exchange is not currently required to provide documents to the New York prosecutor’s office, the higher court of appeals decided on Tuesday.

According to the text of the ruling, the petition to suspend the execution of Judge Joel Cohen’s decision, filed by the parent company iFinex, must be granted. Judge Cohen previously supported the prosecutor’s demand for iFinex and related companies, Bitfinex and Tether, to provide all documents related to the current investigation.

The trial of the New York prosecutor’s office with iFinex due to the issuance of a Bitfinex loan from Tether reserves has been going on since May. In August, iFinex decided to challenge the court decision shortly after its adoption, insisting that the plaintiff does not have the authority to investigate the facts of its activities.

Attorney General Letitia James previously stated: “Our investigation revealed that the operator of the Bitfinex trading platform, which also controls the virtual currency Tether, was involved in harboring the alleged loss of $850 million using funds belonging to its customers and the company itself.” “We are satisfied with the decision and are ready to answer questions related to the merits of this case in the court of appeal,” commented Stuart Hoegner, Chief Legal Officer of Bitfinex and Tether, on the last decision.

Further proceedings, in this case, will take place at the end of this year and the beginning of the next.

Author: Marko Vidrih