Crypto-exchange Bitfinex settles US probe into Tether hiding financial losses
The attorney-general, when awarding the $18.5m settlement, said stating the cryptocurrency tether was fully backed by dollars was a lie
Portland — The crypto-exchange Bitfinex has reached a settlement with New York attorney-general Letitia James over allegations that it hid the loss of commingled client and corporate funds and lied about reserves.
Without admitting or denying any wrongdoing, the officials who control Bitfinex and the affiliated stablecoin company Tether, agreed to pay $18.5m, the state attorney-general’s office said in a statement on Tuesday. New York officials, who began investigating Bitfinex in 2019, will receive quarterly reports on composition of the company Tether’s reserves for the next two years. The companies will end all trading activity with New Yorkers...
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