The court rejected the appeal of Bitfinex in the case of the loss of $ 850 million

The New York State Court of Appeal did not accept the arguments of the crypto exchange Bitfinex that the case does not fall within its jurisdiction.  

Last year, New York prosecutors chargedBitfinex lost $850 million in corporate and client money, with subsequent coverage of losses using funds from its subsidiary Tether project. iFinex, which operates both the exchange and the stablecoin, said at the time that it was working to recover funds deposited with Panamanian company Crypto Capital, whose assets have been seized by several governments for financial fraud.

In parallel with attempts to return the money, Bitfinexfiled an appeal, arguing that the case did not fall within the jurisdiction of the New York court because Tether is neither a commodity nor a security, the exchange is registered in the British Virgin Islands, and the central office is located in Hong Kong. The court rejected these arguments, citing the fact that state residents had access to the trading platform until 2017, and the prosecutor's office began an investigation in 2015.

After the ruling, New York Attorney General Letitia James said, “Even virtual currencies are not above the law.”

Bitfinex representatives did not comment on the dismissal of the appeal, only the exchange's lawyer said that the company would respect the court's decision.

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