Lawyers for iFinex, the parent company of Tether and cryptocurrency exchange Bitfinex, told the New York Supreme Court on Monday that the language of New York State Attorney General Latitia James’ proposed injunction on Tether using dollar reserves backing its USDT stablecoin could prevent it from making payroll or paying bills.
Ernst & Young to QuadrigaCX users: You’re screwed
The cryptocurrency exchanges bankruptcy trustee said it may not be worth looking for the missing 90% of customers’ digital assets
Cryptocurrency exchange QuadrigaCX has barely 10% of its depositors’ money, and it’s probably not worth looking for the rest. That is what of auditing and advisory giant Ernst & Young Inc. told the Supreme Court of Nova Scotia in its role as trustee of the firm’s bankruptcy on May 1. It will be too long and costly, and some other exchanges and payment processing firms are not cooperating, it said.
Tether wants to ‘invest’ more of $2.1 billion dollar reserves, lawyers say
The company also argued that it owed its customers no information after losing $850 million; customers have pulled $335 million out of Bitfinex in two weeks
As Tether customers pull money out, it wants some of its remaining dollars to be put to use instead of sitting in a bank, according to its attorneys.
Bitfinex owner plans to raise $1 billion in an exchange token offering
iFinex’s IEO will cover the $850 million cryptocurrency exchange Bitfinex said it lost to government seizures
Now that word is out that cryptocurrency exchange Bitfinex is missing $850 million that it may or may not ever see again, parent company iFinex is trying to raise $1 billion by selling a new exchange token to be called a LEO.