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

The New York State Court of Appeal did not accept the BitFinex cryptobiri arguments that the case does not fall under his jurisdiction.

Last year, the New York Prosecutor’s Office accused Bitfinex in a loss of $ 850 million corporate and client money, followed by damages at the expense of the TETHER subsidiary. IFINEX, which manages both stock exchanges and a stelkoine, then stated that she was working on the return of funds deposited at the Panaman company Crypto Capital, the assets of which were arrested and seized by the governments of several countries for financial fraud.

In parallel with attempts to return the money, Bitfinex filed an appeal, which argued that this case does not fall under the jurisdiction of the New York Court, since the TETHER coin is neither a commodity nor securities, the Exchange is registered in the British Virgin Islands, and the Central Office is located in Hong Kong. The court rejected these arguments, referring to the fact that the state inhabitants had access to the trading platform until 2017, and the prosecutor’s office began investigating from 2015.

After making a decision, the General Prosecutor of New York Leticia James said: «Even virtual currencies are not higher than the law.»

BitFinex representatives did not comment on the deployment of the appeal, only the lawyer of Exchange said that the company would respect the court decision.

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