- Bitfinex must provide documents to the U.S. authorities following a ruling against the organisation
- It comes as the Supreme Court of the State of New York presses against Bitfinex and Tether, regarding the engaged embezzlement of funds worth some $850 million.
The Supreme Court of the State of New York has made a move against Bitfinex and its sister company, stablecoin issuer Tether, according to a court filing. The focus is very much around accusations by the New York Attorney General (NYAG) Bitfinex engaged in embezzlement of funds worth $850 million.
As per the filing, it details:
The Court disagrees with (the NYAG) that it is (or can be) premature for the Court to determine whether it has jurisdiction to issue orders impacting the rights of Respondents in this proceeding,” the filing reads. That said, the Court finds based on the evidence and applicable law that it has jurisdiction – and a clear statutory mandate – to adjudicate this matter. Accordingly, (Bitfinex and Tether’s) motion is denied, and the temporary stay of the investigation is dissolved.
As a result of the ruling, both companies must supply the NYAG with whatever required documentation, for its investigation into what happened to the cash.