tether case settled

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    NY AG’s $850M Probe of Bitfinex, Tether Ends in an $18.5M Settlement

    In a closely watched case with wide-ranging implications for the crypto market, Tether has admitted no wrongdoing and will provide reports on USDT’s reserve composition for two years.

    New York Attorney General Letitia James. The NYAG's office settled a long-running investigation into Bitfinex and Tether. (Joshua Rashaad McFadden/Getty Images)
    Feb 23, 2021 at 11:52 p.m. Updated Feb 24, 2021 at 12:58 a.m.




    A closely watched legal case involving Bitfinex and Tether with major implications for the cryptocurrency industry has been resolved.

    The New York Attorney General’s office (NYAG) has settled with Bitfinex over a 22-month inquiry into whether the cryptocurrency exchange sought to cover up the loss of $850 million in customer and corporate funds held by a payment processor.

    The NYAG’s office announced the settlement Tuesday, formally ending the inquiry that kicked off in April 2019. Under the terms of the settlement, Bitfinex and Tether will admit no wrongdoing, but will pay $18.5 million and provide quarterly reports describing the composition of Tether’s reserves for the next two years. More significantly, these reports will match information Tether already provided the NYAG about its reserves. The NYAG will bring no charges as part of the settlement.


 
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