Bitfinex versus state of New York

Cryptocurrency exchange Bitfinex said it needs more time to turn over documents on mutual transactions with Tether to the New York State Attorney General's Office (NYAG). This was announced by Stuart Hoegner, a lawyer representing the companies.

In his tweet, the lawyer wrote that the letter was filed in a special proceeding in New York on behalf of all parties.

The agency had previously asked for an extension until January 15 this year for Bitfinex and Tether. On 19 January, Stuart Hoegner notified the New York Supreme Court that the defendants had collected a substantial amount of information, but needed 30 days to complete the process.

In April before last year, NYAG accused Bitfinex of attempting to hide the loss of $850 million at the expense of Tether reserves. The exchange disagreed with the claims.

However, the New York Supreme Court ordered Bitfinex to turn over documents relating to the loss of access to fiat funds. The company tried to challenge the ruling but lost on appeal.

It is worth noting that in September 2020, the court ordered Bitfinex and Tether to turn over financial records to prosecutors and extended the ban on the transfer of funds.