Following the case against Tether and Bitfinex by the New York Attorney General, The Bitwise Crypto Index Committee after a meeting held on 25 April, 2019 has decided to ban Bitfinex from contributing price indices as a price source. This is to take effect immediately.
Rule “III.A.ii.b” meeting
On 25 April 2019, the Bitwise Crypto Index Committee held a meeting in accordance with Index Rule “III.A.ii.b” with respect to the New York Attorney General’s claims toward Tether and Bitfinex. the meeting which was chaired by Matt Hougan. According to a notice of the meeting published on Bitwise website, the New York Attorney General has retained a court order against iFinex Inc., the owner of the Bitfinex exchange and Tether, the company that issues USDT based on the allegations of fraudulent activities involving $850 million.
The meeting ended with a 100% vote against Bitfinex and the company was banned from contributing price indices based on the following conditions which Bitfinex did not meet.