March 31, 2017 — Correspondent bank Wells Fargo cuts off services to Bitfinex and Tether, according to court documents in a lawsuit that Bitfinex later files. Tether’s deadline on the iFinex case expires today, January 15 th, and here’s everything that you need to know about the case, as we read more in today’s Tether news.. A lot of people in the crypto field have discussed today’s date as an important consideration for the case between the New York Attorney General and iFinex which is the parent company of Tether and Bitfinex. In fact, the main worry is that evidence will come to light that Tether created large amounts of USDT out of thin air. – Working towards increased transparency in 2021, stay tuned! to submit the documents requested by the New York Prosecutor’s Office expires on January 15th, 2021. The deadline for Tether to submit the documents requested by the New York Prosecutor’s Office expires on January 15th, 2021. Tether’s deadline on the iFinex case expires today, January 15th, and here’s everything that you need to know about the case, as we read more in today’s Tether news. Lastly, it is necessary to point out that the January 15 deadline only provides for the delivery of the required documentation to iFinex and therefore does not provide for any ruling. Tether is accused of covering those 850 million dollars in some shady way, which is the entire reason why this lawsuit, and with it the January 15th deadline to hand over documents exists in the first place. Reporting the future.The latest news about Bitcoin, ICO, trading, blockchain and fintech. These violations in turn spelt harm for investors and provided services that were […] New York Attorney General’s office (NYAG) has given Tether till 15th January, 2021 to submit the required documents as regards the lawsuit against the Tether holding company; iFinex. The case between iFinex (the parent company of both Tether (USDT) and Bitfinex) will go on with a Court meeting in “approximately” 30 days, according to the company’s GC Stuart Hoegner. At the same time, Tether is under indictment for other issues, and given that the stablecoin issued by Tether is the leading one in the world, with daily trading volumes exceeding even those of Bitcoin, users are quite concerned. Tether expects “meritless and mercenary” lawsuits based on an unnamed study claiming that (USDT) issues of tether are responsible for the manipulation of the cryptocurrency market. In addition to that, he also extended an injunction that barred Tether from loaning funds to Bitfinex by 90 more days. 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When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling. The suit against the company was based on the fact that it violated regulations. However, doubts remain as to whether all USDT created by Tether are collateralized. On December 9, 2020, the deadline was extended until January 15, 2021. A lot of people in the crypto field have discussed today’s date as an important consideration for the case between the New York Attorney General and iFinex which is the parent company of Tether and Bitfinex. The deadline today (15th January 2021) represents nothing more than documents being handed over. Note NYAG has filed charges against iFinex, the parent company of Bitfinex and Tether. The deadline for this handover is 15 January 2020, at which point it will presumably be left to the Attorney General’s office to decide whether to pursue charges securities and commodities fraud. Judge Joel Cohen granted a partial stay n the request by the NYAG to get documents from two companies until their hearing takes place and during this hearing, the judge decided to extend the preliminary injunction as he wasn’t really ready to make a decision if the case should go forward. The New York Attorney General (NYAG) called for the handover of loan documents relating to an $850 million cover-up to be completed on January 15th, 2021. Tether and Bitcoin prices diverge on exchanges following fraud investigation. The Le Iene report "Inside the Bitcoin mines". In addition to this, he extended the injunction which barred Tether from loaning the funds to Bitfinex by more than 90 more days. In fact, the main worry is that evidence will come to light that. January 15th Deadline — Document Dump. Nevertheless, Tether replied calling this accusation in “bad faith” and “riddled with false assertions”. There is concern within the crypto world about this deadline, although it is probably an exaggerated fear. Stefan has been writing articles for DCForecasts since 2016 in-house full time. AIBC meets Dubai as West meets East with launch of UAE super show, Blockchain Life Forum 2021: 21-22 April, Moscow, Music Media Dome, Wisdom announces its upcoming not-to-be-missed Blockchain event, Blockchain Fest 2021 Delivers Ambitious Setting for Modern Fintech Networking and Trade, Federico Clapis on The Nemesis to talk about NFTs, Daniel Larimer: "Blockone will never be able to promote technology that frees people", Takamaka and the interview with Lars Schlichting, Michael Saylor: every company should have bitcoin, Bitcoin: Grayscale could convert Trust into ETF, Bitcoin pullback: -10% from the highs despite Tesla, How the price of Ethereum will be worth more than Bitcoin, Ethereum lands on Amazon Managed Blockchain, Bitcoin mining: Greenidge listed on the Nasdaq. If you continue to use this site we will assume that you are happy with it. DC Forecasts - Newsletter and get recent news directly to your inbox! The deadline for Tether to submit the documents requested by the New York Prosecutor’s Office expires on January 15th, 2021. , in the sense that the original academic report that started the attempt to prove them is no longer considered particularly reliable by many. View Fullscreen New York Attorney General grants deadline … Bitfinex and Tether face a January 15 deadline to transfer millions of pages of documents to James’s office. Is Paolo Brosio getting rich with Bitcoin Code? Tether’s Paolo Ardoino confirmed they had produced over 2.5 million document pages to NYAG, which is known as a “Document Dump” in law terminology. 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The New York attorney-general laid out findings from its investigation into Tether in a court petition in April 2019. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers. Tomorrow is an important date for the issuers of Tether, a USD-pegged stablecoin.But what does it mean? Algorand and SIAE together for copyrighted NFTs, Cardano's growth is showing record numbers, Twitter hack: 3 years in prison for the bitcoin scam, India wants to ban cryptocurrencies, again, Swiss Crypto Exchange, Monetum, Earns Regulatory Approval, China: bitcoin trading increases despite being banned. Furthermore, these allegations of Bitcoin price manipulation are now obsolete, in the sense that the original academic report that started the attempt to prove them is no longer considered particularly reliable by many. We use cookies to make sure you can have the best experience on our site. The latter alleges, in a lawsuit, that Bitfinex lost $850 million and then used funds from its affiliated stablecoin issuer (Tether) to cover the shortfall. As part of an ongoing lawsuit pursued by the New York Attorney General, Bitfinex and Tether face a … There are currently around $25 billion Tether in circulation while Bitcoin's price has hit a new all-time high at $42,000. It requires that iFinex produces information for the NYAG to continue the investigation and to further substantiate the merits of the claims and what’s even more important is the nature of the document as iFinex has to produce materials in which it will determine whether and how to issue or redeem tethers, documents, and communications. On December 9th, Letitia James who is an Attorney General, filed a document where he asked Judge Choen to extend the deadline to January 15th as James said that these parties continue cooperating on the production of documents in response to the 354 Order and anticipate that the production will be finalized in the upcoming weeks. https://en.cryptonomist.ch/2021/01/11/tether-and-the-january-15-deadline Some of these questions might soon be answered. Back in April 2019, the NYAG alleged that bitfinex lost about $850 million and then used funds from Tether to cover the shortfall. The Tether Lawsuit. Assuming these documents are produced, we may get the first real insight into just how solvent Tether and Bitfinex are. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]. DC Forecasts provides a comprehensive source of the latest news about cryptocurrency news daily. Bitfinex is not a direct customer of Wells Fargo, but rather a customer of four Taiwan-based banks that use Wells Fargo as an intermediate to facilitate wire transfers. Hence, this is a purely technical deadline, which is not likely to result in any judicial outcome in the short term, unless it is not met. Thus, the NYAG’s ongoing lawsuit against iFinex, the holding company that owns Tether, is not expected to address the issue of market manipulation. Tether posted a press release on their website today saying that they’re expecting lawsuits based on research they call “Meritless and Mercenary.” Tether has been under investigation by the New York Attorney’s General office for nearly six months now, with a deadline for the firm and Bitfinex to hand over documents come October 14th. Tether, a so-called stablecoin is supposed to be backed on a one-to-one basis by the U.S. dollar, however New York attorney general Letitia James in April accused the company behind Tether … Bitfinex and Tether face a January 15 deadline to transfer millions of pages of documents to James’s office. However, he extended the injunction by 90 days. NYAG called ifinex’s motion to dismiss an “improper attempt to impede a lawful investigation” and later in September, Judge Cohen ruled that Tether and Bitfinex have to turn over documents detailing their financial relationship with the NYAG office. Tether then issued a statement on its blog post which said that the allegations were written in “Bad faith” and were “riddled with false assertions.”. collateralized, largely backed by US dollars, with about a quarter backed by other assets. Cohen didn’t set a firm deadline for when Bitfinex and Tether would have to produce these documents, leaving that decision to a special referee, but said a deadline would need to be set. Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements, Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements. The company claims that they are 100% collateralized, largely backed by US dollars, with about a quarter backed by other assets. 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