Tether's founder and the cryptocurrency trading platform Bitfinex's owner iFinex Inc turned to the New York Supreme Court. The request is to reappoint the expected trial day one month later. Within the period, the company will present all the necessary papers to the legal authority.
The case opened in April 2019. Then New York State Attorney General filed an $850 M suit against Bitfinex, accusing it of managing illegal loans from Tether and performing illegal securities offering. The accuser claimed that Bitfinex deposited over $1 B with banking system Crypto Capital Corp without signing any contract. Crypto Capital turned out to be a scheme. It escaped with the money, and Bitfinex failed to inform the investors about the loss.
Bitfinex's chief legal officer Stuart Hoegner stated the company was a victim of fraud.