NY AG alleges cryptocurrency exchange operator concealed missing funds

Author: Eamonn Sheridan | Category: Cryptocurrency

The Wall Street Journal reports that iFinex (operators of the Bitfinex cryptocurrency exchange and owns Tether) has been accused of covering up missing funds.

  • By commingling client and corporate funds 
  • occurred in mid-2018 and hadn't been disclosed publicly
  • New York attorney general's office said it has obtained a court order directing iFinex to stop moving money from Tether's reserves to Bitfinex's bank accounts, halt any dividends or other distributions to executives and turn over documents and information. 
  • The coverup drained at least $700 million from Tether's reserves, according to the attorney general's office.
Here is the link to the WSJ for more (may be gated)
The Wall Street Journal iFinex (Bitfinex cryptocurrency exchange and owns Tether) missing funds.
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