New York Attorney General Calls Bitfinex’s Legal Stance ‘Deeply Perverse’ in New Filing

In a sharply worded brief, the office said that the two firms (which share executives and shareholders) “had, step by step, dissipated the cash backing tethers: first by going from actual cash in hand to $625 million in an inaccessible Crypto Capital account; and then by replacing even that questionable source of backing with nothing more than a $625 million IOU from Bitfinex.”