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Tether-Bitfinex Must Stand Trial Over $850 Million in Lost Customer Funds

Bitfinex lost an appeal before the Appellate Divisions of the Supreme Court of the State of New York and must now face the state’s claims that they engaged in a cover-up to hide the apparent loss of $850 million of co-mingled client and corporate funds.


Key Takeaways


  • Bitfinex argued that the state had no authority to pursue the case

  • NY's appellate court rejected their claims and affirmed the state’s jurisdiction over the case

  • The company must now disclose documents and testify before the NY court under oath OKCoin logo

Tether and cryptocurrency exchange Bitfinex must face trial in a case regarding the loss of more than $850 million co-mingled client and corporate funds, a NY state appeals court ruled on Thursday. Bitfinex is accused of engaging in a massive cover-up after it allegedly lost $850 million and then attempted to use funds from sister-entity Tether to cover up the incident quietly. Read More...




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