The case that the leading crypto exchange Bitfinex privately embezzled funds from its partner company Tether have been arguing in court since 2019. The New York Attorney General's Office (NYAG) believes that Bitfinex and Tether should submit "all loan documents" of both parties to the court, but Bitfinex believes that this will affect other users, and the two parties continue to engage in litigation on this issue. Bitfinex announced that the documents are almost ready and can be handed over within a few weeks.

According to CoinDesk, the Bitfinex exchange is expected to complete the documents required by NYAG in the next few weeks, which will explain the $850 million borrowings. It is expected that this will help prosecutors to investigate cases of embezzlement of funds and make the long-delayed cases clearer.

The lawyer appointed by the defendant Bitfinex, Charles Michael, stated in court yesterday that the parent company iFinex has "prepared a lot of information for NYAG" and is expected to complete it within 30 days.

NYAG is mainly based on Order No. 354, which requires Tether to submit a detailed explanation document for increasing Bitfinex's credit line to US$900 million. At first, the judge agreed that Tether had to hand over the documents, but after Bitfinex pleaded, the judge changed the sentence again, and the two sides entangled back and forth for more than a year.

In September last year, the prosecution filed another application. This time the New York Supreme Court ruled that Bitfinex had to hand over all documents, and Bitfinex had no choice but to cooperate.

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