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Regulators rule on climate risk

iFinex agrees to pay $18 5M to settle New York Tether lawsuit

SHARE iFinex Inc., the parent company of cryptocurrency exchange Bitfinex and the Tether stablecoin, has settled a long-running lawsuit filed by the New York Attorney General’s office in April 2019. The lawsuit claimed that Bitfinex and Tether engaged in “undisclosed, conflicted transactions to cover Bitfinex’s losses by transferring money out of Tether reserve funds.” The amount claimed to have been taken is at least $700 million, with Bitfinex trying to cover a loss of $850 million. The alleged fraud was claimed to have come via a relationship Bitfinex established with Crypto Capital Corp., a Panama-based payment processing firm that commingled client funds with its own capital.

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