Bitfinex Calls NYSA Accusations “False”

Bitfinex Calls NYSA Accusations “False”

In a letter sent out to directly to users, Bitfinex reiterated that the allegations brought against them by the New York State Attorney are not legitimate.

Bitfinex and Tether, who both share a CEO, found themselves in hot water at the end of the last week, and it seems that water has not cooled as we head into a new one. They have found themselves having to set the record straight for a second time since Friday.

Yesterday evening they sent out an email to their users to reiterate that the information release by NYSA, who has accused them of having losses covered by Tether, is “filled with inaccuracies and false assertions.”

They, along with Tether, had already explained similar sentiments in posts shared on their respective websites. However, it did little to stop panic from their users who, concerned both with the news of losses and the potential of an investigation from authorities, began withdrawing money on mass.

Thus, perhaps as a way to ensure this activity ends, they reiterated their position on the matter and defended their financial position in a letter signed by CEO Jean Louis van der Velde, who is at the centre of the debacle due to him heading up operations of both companies. He stated that, they “want to assure you that the allegation that we have ‘lost’ $850 million is categorically false.”

The letter also explained that these alleged funds are safeguarded in several locations and also that they intend to “vigorously challenge the false assertions made by the New York Attorney General’s office in their filing.”

An interesting week of developments on this matter is upon us.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

Binance,Bitcoin,SEPA

Binance Suspends SEPA Inward Payments Until Further Notice

Binance Suspends SEPA Inward Payments Until Further Notice Binance has just announced that it has temporarily stopped all incoming SEPA payments. As a result, users will no longer be able to deposit euros using the primary European payments network. The world’s largest cryptocurrency exchange did not provide any specific information regarding the reason behind this […]

12 July, 2021
Bitcoin,Cryptocurrency,Investment

Why are Crypto Holders Worried of Declaring Their Ownership?

Cryptocurrencies have been popularly regarded as the future of finance globally. Investing in virtual coins has become a lot easier than it was a few years ago with the evolving crypto industry. Over the last few years, Bitcoin has caused a lot of buzz in the market. It has established itself as the de facto […]

8 July, 2021
Bitcoin,CoinMarketCap,Trading

Bitcoin On The Rebound Following Elon Musk’s Latest Announcement

The price of the world’s largest cryptocurrency is rising again following the latest comments from Elon Musk. Bitcoin’s price has climbed and stayed above $40,000 on Monday 14th June, following an announcement by Musk that Tesla will, once again, start accepting BTC payments. The latest comments have proven once more what a powerful influence the […]

16 June, 2021
Bitcoin,Cryptocurrency,Regulation

Bitcoin Is Now Legal Tender In El Salvador

The world largest cryptocurrency has become a legal currency in El Salvador. Following a congressional vote held on Tuesday, a significant majority agreed to adopt Bitcoin and use it alongside the country’s other currency, the US dollar. In the words of El Salvador’s President, this decision has made “history”. Within the next 90 days, all […]

10 June, 2021
advertisement,Cryptocurrency,Google

Google Updates Its Advertising Policy To Allow Crypto Ads

Global search engine giant, Google, has announced that it will be accepting cryptocurrency advertisements targeting customers in the US. This change to the tech giant’s financial products and services ads policy is expected to be made at the start of August 2021. As a result, operators of cryptocurrency exchanges and wallets will be able to […]

8 June, 2021
Bitcoin,Coinbase,Trading

Coinbase Stock Loses Over 25% Since April IPO

It was hailed as one of the greatest moments in cryptocurrency history. The Coinbase IPO was seen as the tipping point of the sector, a moment when cryptocurrencies will finally find their well-deserved place within the financial industry. Interest was high, and when Coinbase (COIN) began trading on the Nasdaq on April 14, 2021, the […]

26 May, 2021
Bitcoin,Cryptocurrency,Social Media

Bitcoin Drops by Over 30% to $30,000 After Another of Elon Musk’s Tweets

Tesla’s CEO and among the top three richest people in the world, Elon Musk, has yet again sent Bitcoin and other altcoins on a wild ride that saw the markets bleed after massive sell-offs. In a flurry of tweets that begun on Sunday, Elon seems to have implied that Tesla would liquidate its Bitcoin holdings. […]

20 May, 2021
Blockchain,Investment,Technology

Tune In To The 4th Edition of the AIBC Pitch

On the 25th of May 2021, Dubai will once again play host to the much-anticipated Draper-Aladdin AIBC Startup Pitch. 100 companies operating in the exciting fields of AI, Blockchain, Quantum Tech, FinTech, Big Data and IoT will be showcasing their ideas to investors and other stakeholders. Up to $500,000 can be won by any single […]

16 May, 2021