Breaking News | Tether and Bitfinex reach settlement with New York Attorney General's Office: We have done nothing wrong

The largest USD stablecoin issuer Tether and its sister company cryptocurrency exchange Bitfinex have announced that they have reached a settlement with the New York Attorney General's Office (NYAG).

The largest stablecoin USDT issuer, Tether, and its sister company cryptocurrency exchange Bitfinex have announced that they have reached a settlement with the New York Attorney General's Office (NYAG).

The company stated:

"After 2.5 years and providing 2.5 million documents, we believe we have done nothing wrong and will pay $18.5 million to resolve this matter."

"There is no evidence that Tether issued tokens without asset backing or manipulated cryptocurrency prices. This settlement demonstrates our commitment to the future of the industry, and we will continue to transparently disclose our reserve assets on a quarterly basis."

Tether & @Bitfinex have reached a settlement with @NewYorkStateAG. After 2.5 years and 2.5M pages of info shared, we admit to no wrongdoing and will pay US$18.5M to resolve this matter. 1/3

— Tether (@Tether_to) February 23, 2021

The case stemmed from a 2018 incident where Bitfinex borrowed $850 million from Tether to cover up losses. Tether stated that the debt was quickly repaid and had no impact on the company's redemption ability.