Controversial cryptocurrency exchange Bitfinex has won an appeal from the New York Supreme Court, meaning it will not have to hand over paperwork regarding a $900 million line of credit.
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Tether, a so-called stablecoin is supposed to be backed on a one-to-one basis by the U.S. dollar, however New York attorney general Letitia James in April accused the company behind Tether of essentially minting the cryptocurrency for Bitfinex to the tune of as much as $900 million. The parent company of the Hong Kong-based cryptocurrency exchange was sued by New York attorney general James in April, following allegations that the company was given what amounts to a line of credit from Tether Holdings Limited, the maker of the Tether cryptocurrency, a stablecoin widely used in the cryptocurrency space to enter and exit investments. Tether’s market cap is currently $4.11 billion, with a daily volume of $24 billion, according to CoinMarketCap.com.
The New York attorney general’s office confirmed that while the the partial stay means the companies won’t have to turn over the paperwork in question they could still be required to do so at a future date. “The injunction that prohibits the movement of money between Tether and Bitfinex is still in place,” says a spokesperson of the attorney general’s office. “We look forward to making our case in court as we seek to have Judge Cohen’s decision upheld and continue our investigation.
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