Bitfinex used the funds to pay users who were requesting for withdrawals. “Both Bitfinex and Tether are financially strong – full stop”¦” Bitfinex. The cryptocurrency community is ending the week in shock following reports of Bitfinex exchange covering up for an $850 million shortfall in its issued Tether (USDT) stablecoin. Investors reacted across the board as the prices plummeted considerably. The New York Attorney General’s office, which has been looking into the matter involving Bitfinex and Tether as the two companies to avail specific documents. The New York AG’s office says that the exchange utilized illegal transactions to cover up to $850 million funds that were missing. According to the filing, the funds were removed from USDT’s reserves. Bitfinex used the funds to pay users who were requesting for withdrawals. “The situation looks bad. We have more than 500 withdrawals pending and they keep coming in “¦ [T]oo much money is parked with you and we are currently walking on a very thin crust of ice”¦BTC could tank to below 1k if we don’t act quickly.” The investigation into the matter began in 2018 and started by seeking documents and information from third parties that had at one pint worked with Bitfinex. However, Tether has responded to the filings saying that it was going to strongly oppose the claims: “Both Bitfinex and Tether are financially strong – full stop. And both Bitfinex and Tether are committed to fighting this gross overreach by the New York Attorney General’s office against companies that are good corporate citizens and strong supporters of law enforcement. Bitfinex and Tether will vigorously challenge this and any other actions by the New York Attorney General’s office. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next GBP/USD up little, just above 1.2900 amid subdued action ahead of US GDP FX Street 4 years Bitfinex used the funds to pay users who were requesting for withdrawals. "Both Bitfinex and Tether are financially strong - full stop"¦" Bitfinex. The cryptocurrency community is ending the week in shock following reports of Bitfinex exchange covering up for an $850 million shortfall in its issued Tether (USDT) stablecoin. Investors reacted across the board as the prices plummeted considerably. The New York Attorney General's office, which has been looking into the matter involving Bitfinex and Tether as the two companies to avail specific documents. The New York AG's office says that the exchange utilized illegal transactions to cover up… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.