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Bitfinex and Tether ask court to extend deadline for transferring documents to New York prosecutors

iFinex Inc, the parent company of crypto exchange Bitfinex and the issuer of stablecoin Tether (USDT), has asked the New York Supreme Court to postpone the upcoming trial date. In a January 19 statement, iFinex asked for 30 days to submit the documents requested by the New York State Attorney General (OAG). The document preparation process should have been completed by January 15th, a date that is also an extension of the original deadline (December 16th). Company lawyer Charles Michael said that “a large volume” of documents had already been transferred to the OAG, but there were “additional materials” that still need to be obtained. In April 2019, the Attorney General of New York stated that Bitfinex had hidden the loss of client funds in the amount of $ 850 million and took out a loan from Tether. At the time, Tether lawyer Stuart Högner said that the stablecoin USDT as of April 30, 2019 was backed by about 74% of reserves. However, the prosecutor’s investigation did not stop the issuance of USDT – the stablecoin with a capitalization of $ 24 billion is still one of the largest cryptoassets on the market. Paolo Ardoino, CTO of Bitfinex and Tether, previously noted on Twitter that Tether is registered and regulated by the US Financial Crimes Enforcement Network (FinCEN), and any suggestion that USDT is not regulated should be considered FUD.

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