Cryptocurrencies & Platforms

NY Supreme Court Asks Tether To Freeze Transfers To Bitfinex

The New York Supreme Court has ordered Tether to stop loaning funds to its associated exchange Bitfinex.

Judge Joel Cohen said,

The Court finds that the preliminary injunction should be tailored to address OAG’s legitimate law enforcement concerns while not unnecessarily interfering with Respondents’ legitimate business activities.

The orders include Tether not loaning any assets to Bitfinex or other parties, distributing any funds to executives, employees or others except regular business-related purposes, and modifying documents asked for by the Attorney General’s office.

Tether and Bitfinex have been under investigation for the fact that Bitfinex has reportedly covered up a loss of $850 million through the use of illicit funds. Both entities have said that they would fight the case, and the incident has many worrying about the stability of Tether and Bitfinex.

Abhimanyu Krishnan

Abhimanyu is an engineer on paper but a writer by living. To him, the most celebratory aspect of blockchain technology is its democratic nature. While he’s hodling, he can be found reading a good book or making the local dogs howl with the sound of his guitar playing.

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Abhimanyu Krishnan

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