Bitfinex exchange reaches settlement with New York State Attorney

Bitfinex cryptocurrency exchange handles the stablecoin USDT that is pegged to UD dollar. It has made an announcement that it has reached settlement with New York State Attorney after 2.5 years and 2.5 million pages of documents that were shared with them.

Bitfinex remains adamant that they did nothing wrong and had to pay 18.5 million dollars to resolve this issue. In their case, New York State Attorney was not able to find that any Tether (USDT) was issued without any backing or printed in treasury to make an impact on cryptocurrency prices.

This further shows Bitfinex’s commitment to the cryptocurrency space. Infact, the cryptocurrency exchange in question has been sharing its reserves in a fully transparent manner.

That being said, New York State Attorney’s statement has a slightly different tone for sure. They say, “Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines. Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie.”

We are pleased to put this behind us. Full statement available below. #onward https://t.co/0rwyVOeFAN 3/3

— Tether (@Tether_to) February 23, 2021

Marketcap of Tether has grown from just 2 billion dollars to 34 billion dollars in just few years and due to this Bitfinex has seen exponential growth.