Tether responds to NYAG case ruling

Tether has issued an official response following the decision by New York Supreme Court Judge Joel Cohen to deny Ifinex’s most recent claim to have its ongoing legal dispute with the New York Attorney General’s office (NYAG) dismissed.

Coin Rivet has previously reported on the case in which the NYAG’s office has alleged that Bitfinex and Tether are part of an $850 million cover-up.

Judge Cohen recently extended the preliminary injunctions filed against Ifinex – the parent company of Bitfinex and Tether – giving the New York Attorney General’s office until October 14 2019 to investigate its claims and further examine documentation.

Ifinex appealed the decision but was quickly turned down.

Tether has since responded to the ruling, stating: “We appreciate Justice Cohen’s consideration of our motion in late July and his order released yesterday. While we are disappointed in the decision on our motion to dismiss, we will continue to vigorously defend against any action by the New York Attorney General’s office.

“We look forward to the opportunity to pursue these issues further in the appellate court.”

The company goes on to claim that any assertions that it misled customers regarding the stablecoin Tether and its backing are false.

“We remain committed, as ever, to protecting our customers, our business, and our community against the Attorney General’s meritless claims,” it adds.

Coin Rivet will continue to provide updates on the case as they become available.

Interested in reading more Bitfinex and Tether-related stories? Discover more about the ongoing case with the NYAG’s office which was extended last month.