The crypto-verse harbors several legal cases. The Bitfinex/Tether case has been one of the longest and most controversial cases in the industry. The battle between iFinex, the parent company of one of the biggest exchanges in the crypto industry, Bitfinex, and the New York Attorney General [NYAG] seems to be getting nowhere as another extension of a deadline was requested by the parties involved.
Bitfinex and Tether Case Takes A New Turn
iFinex has been in court fighting against the NYAG since April 2019 following an $850 million cover-up of funds. iFinex had been holding back from presenting the documents that were required for the case. However, the latest virtual hearing seemed to have cooled things down as the Office of the New York Attorney General [OAG] penned down a letter to Justice Joel M. Cohen seeking an extension for iFinex to submit the documents before the court.
The Attorney General pointed out that the deadline that was set during the virtual conference that took place on 17 September 2020 wasn’t enough for iFinex to gather the required documents. Hence, a plea to extend the deadline for submission to 15 January 2021 was presented in the letter. The letter was written on 9 December 2020 and the Judge approved the extension on 12 December 2020.
In the previous letters, iFinex was time and again called out for not submitting documents at the assigned time. In a filing, the OAG suggested that it would urge the Court to order the “immediate production of documents and information by Respondents” at the video conference. However, in the latest letter, the NYAG revealed that since the previous meeting [the virtual conference] the parties involved in the case were cooperating especially in the submission of the documents. Additionally, the NYAG affirmed that the parties would present themselves before the court if summoned.
While the case is still in court, the parties involved in the case remain almost unfettered. Tether has been aiding the overall market cap of the crypto industry as it been recording an exponential surge. At the time of writing, the market cap of the largest stablecoin was extremely close to that of XRP’s. With the market cap of XRP at $25.15 billion, Tether’s [USDT] market cap was at $19.7 billion.