Several cryptocurrency enthusiasts recently discussed the date and date of today, January 15, 2021, as an important date for the ongoing case between the New York Attorney General’s Office (NYAG) and iFinex, the parent company of Bitfinex and Tether.

Here is a comprehensive summary of what happened with the teaser and what to expect today, January 15th.

NYAG’s case against iFinex: What happened?

In April 2019, the New York Attorney General’s Office indicted Bitfinex, a cryptocurrency exchange.

The accusation from the New York Attorney General’s office indicated that Bitfinex lost $850 million and used funds from its Tether stablecoin to cover the shortfall.

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In response to the lawsuit and accusation, Tether issued a statement through a blog post saying that the allegations and charges were written in bad faith and filled with false assertions.

In May 2019, Judge Joel Cohen granted a partial trial at the NYAG’s request to obtain documents from the two companies until the July 29, 2019 hearing.

During that hearing, the judge in the case decided to extend the initial injunction because he was not prepared to make a final decision on whether to proceed with the case or dismiss the case, which extended 90 days.

In August 2019, the New York Attorney General’s Office (NYAG) presented new evidence in the case, alleging that apart from covering up the $850 million, Bitfinex and Tether had served New York clients longer than they stated.

The document stated at the time:

There are great connections between Bitfinex, Tether and New York users.

The Bitfinex platform was available to New Yorkers, providing them with the ability to buy and sell stable cryptocurrencies.

There is a case of misinformation used by Bitfinex.

Not only did the NYAG charge the above charges but also attacked the initial LEO offering of “Bitfinex” claiming that he had all the evidence and indications of the issuance of securities subject to the Martin Act, and there is reason to believe that the issuance is related to the issues under investigation.

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Document delivery order:

In September 2020, Judge Cohen decided that Bitfinex and Tether must turn over documents detailing their financial relationship and history to the New York Attorney General’s Office (NYAG).

In addition, the judge ordered the extension of an injunction preventing Tether from lending funds to Bitfinex for another 90 days.

On December 9, 2020, Leticia James, the Attorney General of New York, filed a document asking Judge Cohen to extend the deadline to January 15, 2021.

Why is today’s date January 15th important for tether?

Today January 15th is an important date which made many crypto pioneers talk about it and its potential impact on the USDT digital stablecoin.

The reason this day is so important is that iFinex (iFinex Inc. oversees Tether) provides the New York Attorney General’s Office (NYAG) with the necessary information to continue its investigation and deny his allegations.

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Perhaps most important, however, is the nature of the documents submitted.

Basically, iFinex today has to provide documentation explaining how it supports Tether, the coin’s relationship to Bitfinex, and what impact USDT and Bitfinex have on the Bitcoin price.

As a reminder, Tether USDT is one of the largest stablecoins in the crypto market in terms of total market capitalization as it ranks third directly behind Bitcoin and Ethereum.

We will continue to cover the gist of the issue and what I reached in future articles on Arab Bitcoin.

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