Bitfinex and Tether have spent more than $500k in legal battle with NYAG

Bitfinex and Tether’s legal counsel has reportedly stated in a letter to judge Joel Cohen that the companies have already spent half a million dollars in the ongoing legal battle with the New York Attorney General’s office (NYAG).

Yesterday, Coin Rivet reported that Cohen had extended his preliminary injunction against Ifinex – the parent company of Bitfinex and Tether – for 90 days.

This grants the New York Attorney General’s office more time to probe Bitfinex and Tether.

Since then, a letter reportedly written by Bitfinex and Tether’s legal counsel has emerged. Twitter user Alistair Milne uploaded a copy of the alleged letter on social media.

The letter implores judge Joel Cohen to dismiss the case against Bitfinex and Tether because finding the documents the NYAG is seeking has cost them a significant sum.

It reads: “The respondents have already spent over $500,000 responding to just those portions of the document demands that were carved out from the stay.

“This is not a document production that simply entails pressing a button and collecting emails from a centralised server. On the contrary, the companies and their personnel use more than 10 different communications platforms – several of which are encrypted and pose substantial collection and review challenges.”

The letter also states that the companies have used more than 60 lawyers so far in the costly affair.

Bitfinex and Tether’s legal counsel has maintained that “the court should grant a motion to dismiss, but if the court denies the motion, an appeal will be filed immediately thereafter”.

Interested in catching up with the ongoing battle between Ifinex and the NYAG? Discover more about judge Joel Cohen extending his preliminary injunction, granting the NYAG more time to investigate the allegations.