The Bitfinex vs NYAG case: the court accelerates the process
The Bitfinex vs NYAG case: the court accelerates the process
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The Bitfinex vs NYAG case: the court accelerates the process

By Marco Cavicchioli - 24 Sep 2019

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The New York court has given until November 4th to perfect the appeal against Bitfinex. This is what can be read in an official statement published by the New York State Law Reporting Bureau concerning the NYAG case against Bitfinex and iFinex. 

“An appeal having been taken from an order of the Supreme Court, New York County, entered on or about August 19, 2019, And […] Now, upon reading and filing the papers with respect to the motion, and due deliberation having been had thereon, It is ordered that the motion is granted on condition the appeal is perfected on or before November 4, 2019”.

In recent months it had become clear that the Court had doubts about the preliminary injunction that Attorney Letitia James had sent to the company, requiring it to stop transferring money from Tether’s reserves to Bitfinex’s bank accounts and to provide extensive documentation. 

The company had been able to continue its business by order of the judge and had also obtained a postponement of the deadline for the injunction itself. 

Today’s ruling orders that the motion be granted only on the condition that the appeal is perfecter by November 4th, 2019. 

The motion is the number M-7041 filed by Attorney Letitia James, who at this point will have only a little more than a month to complete the appeal. 

Some time ago Bloomberg hypothesised that Judge Cohen was also considering to close the case, at the request of iFinex itself and it is possible that the recent acceleration in time may put in difficulty Attorney James. 

The request for filing is based on the assumption that the NYAG office would have no jurisdiction over either the companies or the ongoing issues, and now it is possible to assume that by November 4th all the chickens will come home to roost. 

The matter is not over yet, but at this point, the timing to understand whether or not it will go ahead has become tighter.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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