Bitfinex Says It's Nearly Done Turning Over Documents to NYAG

The document production process has already stretched over a year.

AccessTimeIconJan 19, 2021 at 10:45 p.m. UTC
Updated Aug 19, 2021 at 6:42 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Bitfinex expects to finish turning documents over to the Office of the New York Attorney General (NYAG) in the coming weeks, a procedural hurdle that would move the state prosecutor's investigation of the alleged $850 million Tether cover-up one step closer to conclusion

Charles Michael, the Steptoe lawyer representing defendant Bitfinex, told the court Tuesday that parent company iFinex has "produced a substantial volume [of] material" for the NYAG already. He said the next update will come in 30 days.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • The documents could shed light into the financial goings-on of tight-lipped iFinex. New York state prosecutors alleged in April 2019 that Bitfinex papered over an $850 million loss by padding its books with a massive Tether loan. iFinex has battled those charges in front of the state Supreme Court.

    The NYAG has been fighting for those documents since mid-2019. Then, Justice Joel Cohen ordered iFinex to continue handing over documents about the alleged cover-up, only to be reversed one month later by an appellate judge, at least until a full appeals court hearing could conclude. The companies were later required to continue turning over documents by the full appeals court.

    How long is truly left in the document production phase remains to be seen. New York prosecutors said in mid-December that the document hand-off would be completed "in the coming weeks," too.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.