The New York State Attorney’s Office (OAG) has requested an extension of the deadline for iFinex Inc – the parent company of both the cryptocurrency exchange Bitfinex and the issuer of stack coins Tether – to provide the necessary documents for their ongoing lawsuits.
On 9 December 2020, the Office of the Auditor General (OAG) sent a letter to Judge Joel Cohen asking him to postpone the deadline of 15 January 2020 – probably a typo, but in fact a request for the same date in 2021.
The request came after a virtual hearing on September 17, which culminated in a judge’s ruling to expand iFinex for a 90-day extension of archiving of documents related to commercial transactions between Bitfinex and Tether in April 2019, when the Office of the Auditor General accused iFinex of mixing money between the two companies to cover losses to Bitfinex $ 850 million by subscribing to Shadow Bank Services, Crypto Capital.
OAG confirms that iFinex cooperated with the preparation of the necessary documents after the September 17 meeting and expects that the process “will be completed in the coming weeks.”
Despite the ongoing controversy, Tether’s USDT has been a new record year for adoption, with the stable token expanding to operate on the Omni, Ethereum, Eos, Algorand, Liquid and Solana networks.
According to CoinMarketCap, Tether’s capitalization increased 382% from $ 4.1 billion in early January to over $ 19.76 billion today, indicating that Tether’s recognition in May 2019 that USDT is supported by only 74% of cash and their equivalents, was a little discouraged. … Demands for a stable currency.
Tether’s relative dominance over BTC also increased to 65.5%, up from 16.2% at the beginning of the year. Currently, USDT accounts for 38% of the total cryptocurrency volume.