Tether, Bitfinex Request Lessening of Cash Use Restrictions Imposed by Injunction Order

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Lawyers for parent firm iFinex Inc., Bitfinex, USD stablecoin issuer Tether and affiliated entities have submitted a letter to Justice Joel M. Cohen on May 13 asking for more leniency in the use of cash restrictions imposed by last month’s injunction.On April 24, the office of the Office of the New York Attorney General (NY OAG) had accused Bitfinex of losing $850 million of funds needed for user redemptions, and subsequently using capital from affiliated firm Tether to secretly cover the shortfall.Last week, Cohen had noted that the scope of the OAG court order was too broad, and ordered the parties to try to resolve their dispute and submit a refined argument.The May 13 letter from iFinex claims that the NY OAG was grossly overreaching its purview with some of the stipulations and language used in the court filings, stating that the respondents’ lawyers do not waive their Motion to…

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