Bitfinex drained $700 million from Tether's reserves to hide the fact it lost access to $850 million, says a lawsuit by the New York Attorney General.
The attorney general's office is working to expose"ongoing fraud being carried out by Bitfinex and Tether," according to the lawsuit.
Bitfinex transferred $850 million to Panama-based payment processor Crypto Capital to handle customer withdrawals last year, according to the lawsuit. The attorney general's office have obtained a court order instructing iFinex to cease transfers from Tether's reserves to Bitfinex's accounts, suspend dividends and other payouts to executives, and hand over documents, according to the lawsuit.
"The New York Attorney General's office should focus its efforts on trying to aid and support our recovery efforts," it added.according to the Wall Street Journal
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