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New York Attorney General Claims Bitfinex and Tether Slowly Depleted USDT Reserves
Summary: The case for investigating Bitfinex and Tether has been laid out by the New York Attorney General's (NYAG) office in greater detail. A New York Supreme Court Appellate Division filing published Thursday and dated Dec. 4 that gave increased detail on the NYAG's argument, alleging that the two firms have been slowly reducing the reserves ...
The case for investigating Bitfinex and Tether has been laid out by the New York Attorney General's (NYAG) office in greater detail.
A New York Supreme Court Appellate Division filing published Thursday and dated Dec. 4 that gave increased detail on the NYAG's argument, alleging that the two firms have been slowly reducing the reserves that backed Tether's U.S. dollar backed stablecoin of the same name.
According to NYAG the two firms ““had, step by step, dissipated the cash backing tethers: first by going from actual cash in hand to $625 million in an inaccessible Crypto Capital account; and then by replacing even that questionable source of backing with nothing more than a $625 million IOU from Bitfinex.”
By Roland James
Tags: Bitfinex,New York Attorney General,Tether,USDT
Link: New York Attorney General Claims Bitfinex and Tether Slowly Depleted USDT Reserves [Copy]
