Cryptocurrencies
Bitfinex Must Face N.Y. Suit Over $800 Million in Lost Funds
- Crypto exchange argued state had no authority to pursue case
- Court said stablecoin Tether is a security or a commodity
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The cryptocurrency exchange Bitfinex must face claims by New York state that it hid the loss of commingled client and corporate funds, a state appeals court ruled Thursday.
Companies connected to Bitfinex are accused by New York Attorney General Letitia James of hiding the loss of more than $800 million in client and corporate funds.