• Latest
Judge Rules to Extend Bitfinex and iFinex Case in New York

Judge Rules to Extend Bitfinex and iFinex Case in New York

July 29, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Litecoin

Judge Rules to Extend Bitfinex and iFinex Case in New York

coinnewsdaily by coinnewsdaily
July 29, 2019
in Litecoin
0
Judge Rules to Extend Bitfinex and iFinex Case in New York
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022

Justice Joel M. Cohen of the New York Supreme Court (NYSC) has ruled to extend the preliminary injunction in the ongoing case of crypto exchange Bitfinex and Tether’s parent company, iFinex, against the New York Attorney General (NYAG), on July 29.

Cohen reportedly decided to give a 90 day extension to the case, which apparently means that OAG can continue investigating. Lawyers of Tether tried to appeal to dismiss the motion immediately, but Cohen rejected their appeal.

Speaking before the court, iFinex also argued that the court does not have subject matter jurisdiction because Tether is not a security or commodity as there is no futures market. The companies’ defense also stressed that Tether and Bitfinex are two different companies with two different business models, and that it is not proper to treat them as a single entity as the OAG does.

How it all began

Back in April, NYAG Letitia James revealed that her office obtained a court filing alleging that iFinex Inc. and their associated entities were in violation of New York law in connection with activities that may have defrauded New York-based crypto investors.

Bitfinex allegedly lost $850 million in client and corporate funds, and then attempted to cover up this loss by secretly helping itself to around $900 million of Tether’s cash reserves. iFinex subsequently responded that the OAG’s claims were “riddled with false assertions” and that the lost $850 million is being safeguarded.

iFinex further applied to have the case dismissed, arguing that the OAG has no legal basis to sue it for the simple reason that Bitfinex wasn’t operating in New York during the period at issue. In early July, news broke that New York-based Metropolitan Commercial Bank closed of a New York-based bank account, indicating that Tether and Bitfinex may very well have been operating in the state of New York.

Following the news, lawyers for Bitfinex and Tether submitted multiple fillings on July 22 alleging that the companies never served customers within New York. The lawyers argued that even if the NYAG were successful in showing that the companies served New York residents, they have not established that the investors were affected by the companies’ activities. The parties’ representatives stated:

“For purposes of personal jurisdiction, OAG cannot show Respondents engaged in any business activity purposefully directed at New York. OAG tries to confuse matters by referring to isolated instances where Respondents’ foreign customers have shareholders or other personnel in New York. But in those circumstances, Respondents’ counterparties — the ones with which Respondents actually transacted business — are the foreign entities.”



Credit: Source link

Share76Tweet48
Previous Post

Crypto Platform Offers ‘Secure Messaging’

Next Post

Hamburg Senate Issues First Blockchain Report, Expects DLT to Grow

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |
Bitcoin

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing
Bitcoin

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022
Bull or bear market, creators are diving headfirst into crypto
Alt Coin

Bull or bear market, creators are diving headfirst into crypto

April 2, 2022
crypto listing and delisting announcements: week 9
Alt Coin

Crypto Listing and Delisting Announcements: Week 9

February 28, 2022
unstable markets how to invest in cryptocurrency
Alt Coin

How to invest in cryptocurrency when the market is uncertain, explained

December 21, 2021
be your own banker secrets
Alt Coin

Bitcoin and Crypto Wallet Hygiene 101

November 22, 2021
Load More
Next Post
Hamburg Senate Issues First Blockchain Report, Expects DLT to Grow

Hamburg Senate Issues First Blockchain Report, Expects DLT to Grow

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$20,932.00-1.72%
  • ethereumEthereum(ETH)$1,204.21-2.06%
  • tetherTether(USDT)$1.000.07%
  • binancecoinBNB(BNB)$234.27-1.83%
  • rippleXRP(XRP)$0.355728-2.99%
  • cardanoCardano(ADA)$0.489047-3.11%
  • SolanaSolana(SOL)$38.89-5.02%
  • dogecoinDogecoin(DOGE)$0.072812-0.84%
  • polkadotPolkadot(DOT)$7.80-3.60%
  • Shiba InuShiba Inu(SHIB)$0.000011-3.67%
  • daiDai(DAI)$1.000.09%
  • tronTRON(TRX)$0.0683294.64%
  • leo-tokenLEO Token(LEO)$5.76-2.36%
  • matic-networkPolygon(MATIC)$0.54-9.13%
  • litecoinLitecoin(LTC)$55.89-4.26%
  • FTXFTX(FTT)$27.09-2.37%
  • CronosCronos(CRO)$0.125566-1.57%
  • OKBOKB(OKB)$12.31-3.27%
  • chainlinkChainlink(LINK)$6.49-8.15%
  • stellarStellar(XLM)$0.118881-3.70%
  • cosmosCosmos Hub(ATOM)$8.00-5.58%
  • algorandAlgorand(ALGO)$0.331363-3.56%
  • ethereum-classicEthereum Classic(ETC)$16.54-4.93%
  • moneroMonero(XMR)$121.70-6.83%
  • bitcoin-cashBitcoin Cash(BCH)$111.72-3.67%
  • vechainVeChain(VET)$0.024893-1.41%
  • tezosTezos(XTZ)$1.595.65%
  • Internet ComputerInternet Computer(ICP)$5.82-3.64%
  • theta-tokenTheta Network(THETA)$1.34-4.93%
  • filecoinFilecoin(FIL)$5.77-4.32%
  • ElrondElrond(EGLD)$56.73-2.98%
  • bitcoin-cash-svBitcoin SV(BSV)$60.59-3.84%
  • eosEOS(EOS)$0.99-3.30%
  • makerMaker(MKR)$1,015.97-2.58%
  • AaveAave(AAVE)$64.81-5.82%
  • paxos-standardPax Dollar(USDP)$1.000.15%
  • huobi-tokenHuobi(HT)$5.28-0.21%
  • iotaIOTA(MIOTA)$0.291653-1.39%
  • zcashZcash(ZEC)$62.71-6.41%
  • neoNEO(NEO)$9.51-4.29%
  • zilliqaZilliqa(ZIL)$0.044900-6.65%
  • wavesWaves(WAVES)$5.97-3.41%
  • basic-attention-tokenBasic Attention(BAT)$0.388710-5.16%
  • havvenSynthetix Network(SNX)$2.45-11.81%
  • dashDash(DASH)$49.28-3.95%
  • PancakeSwapPancakeSwap(CAKE)$3.34-1.95%
  • KusamaKusama(KSM)$53.23-2.92%
  • nemNEM(XEM)$0.042020-1.54%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • CompoundCompound(COMP)$49.18-6.19%
  • ethlendAave [OLD](LEND)$4.103.48%
  • qtumQtum(QTUM)$3.00-2.25%
  • bitcoin-goldBitcoin Gold(BTG)$17.41-2.03%
  • omisegoOMG Network(OMG)$1.94-1.80%
  • golemGolem(GLM)$0.2479310.00%
  • SushiSushi(SUSHI)$1.15-4.59%
  • ontologyOntology(ONT)$0.2452001.30%
  • yearn-financeyearn.finance(YFI)$6,301.78-7.28%
  • umaUMA(UMA)$2.70-3.27%
  • digibyteDigiByte(DGB)$0.010180-5.55%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....