Bitcoin exchange

Bitcoin exchange:

The New York Attorney General's (NYGA) lawsuit against the Bitcoin exchange, BitFinex, will cause further delays.

The game is old and proven: By announcing the truth in small portions, the crypto exchange relies again on non-jurisdiction of the NYGA. And get right this time.

There was a surprising verdict in the scandalous Bitcoin BitFinx process. The purse was accused of misappropriating $ 700 million from sister company Tether Limited.

The responsibility for both companies is shared by the joint parent iFinex, which gave the process a bitter aftertaste from the beginning.

Also, there were questionable transactions about a company in Panama (Crypto Capital) and the fact that BitFinex is registered in the British Virgin Islands, a well-known tax haven.

To clarify the transactions, the New York Attorney General's Office tried to force BitFinex to disclose the balance sheets. However, this attempt failed, as the news outlet Finance Magnates reported.

Bitcoin Exchange BitFinex: Between jurisdiction and overriding

The actual accusation can be summed up in a nutshell: The bitcoin exchange BitFinex had a bottleneck in the payment of credits of their customers.

This bottleneck was offset by a $ 700 million payment from Tether Limited, with no documentation. Most recently, iFinex tried to get out of the process of jurisdiction. But that failed.

Because the US authorities were able to prove BitFinex business with New York customers, they took the next step.

Why the New York Supreme Court decided yesterday that BitFinex is allowed to keep its balance sheet locked is a mystery.

There is the talk of "juridical overriding". How it should continue in this case, remains questionable.

A questionable, but the legal game

Despite the clear jurisdiction of the New York Attorney General's Office, the Bitcoin exchange again relied on "jurisdictional overridingness".

For this BitFinex revealed another piece of the truth. Crypto Capital is said to have transferred the money, which was then confiscated in several jurisdictions.

Among them are Poland, Portugal, Great Britain and finally the USA. The mistake is therefore not with BitFinex, so the lawyers.

It is also this argument, which is why the lawyers demand the complete discontinuation of the procedure.


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