Lawyers for Bitfinex & Tether Move to Dismiss Case

Lawyers for Bitfinex & Tether Move to Dismiss Case

Both Bitfinex and Tether are hoping to get the case against the New York Attorney General dismissed, at least that’s according to new court filings published on earlier this week on 21st May.

One set of the court documents show the motion to dismiss from the lawyers of Bitfinex and Tether under claims that the New York Supreme Court does not have jurisdiction over the accused in the case of the alleged criminal activity.

According to the Bitfinex and Tether’s lawyers as stated in the court filings:

“Neither Bitfinex nor Tether has a single headquarters or home office. Rather, the Companies have decentralized operations in different countries including Hong Kong, Switzerland, and Taiwan. Neither Bitfinex nor Tether maintains any office in the United States.”

In the documents, the lawyer goes onto say:

“Both Bitfinex and Tether prohibit any United States customers, expressly including customers in the State of New York, from using their platforms.”

Then in another set of court documents, the attorney’s outlined the arguement to dismiss the case under the idea that the case is against both Bitfinex and Tether in order to “protect New York investors”:

“Respondents respectfully request that the entire proceeding be dismissed for lack of personal and subject matter jurisdiction. While the Court is considering those issues, Respondents also respectfully request that the onerous document production demands looming over Respondents be immediately stayed, so that any resulting dismissal will not be issued too late to have meaningful effect.”

Token sale

In other recent Bitfinex news, a shareholder of the exchange recently posted on the WeChat platform that individuals who are interested in participating should reach out to either him or the DFund that he founded.

There will now be a minimum of $1 million with an overall supply of one billion tokens according to the shareholder, Zhao Dong.

When investors look back on a token’s white paper, they have a chance to opt out their soft commitment and change it to a hard commitment, which has a ten percent deposit.

“The system works on a first-in, first-served basis,” Zhao added. “If the whole [1 billion is] fully allocated, we will not have to run the IEO to the retail channel, it will be like a private placement.”

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