, 15 tweets, 11 min read Read on Twitter
0/ Sometimes people only look at a Complaint and then ignore the lawsuit as it moves forward. That's a mistake. Sometimes the Defendant's response is just as important for either what they say or don't say. #Bitfinex #LetsDiveIn - iapps.courts.state.ny.us/fbem/DocumentD…
1) #Bitfinex moves to vacate the #PreliminaryInjunction - Obvious move, because the #PreliminaryInjunction as written (especially as it relates to the discovery) is VERY bad for them. The more people say Tether is backed by 74% is also bad...
2) Page 1, Paragraph 2 says in BOLD that the parties have been "cooperating for months." Ummmm, if #Bitfinex had been cooperating for months, it wouldn't find itself in this position. The amount of pages produced does not = cooperation. #MyGuessIsItWasCloserToStonewalling
3) #Bitfinex states that when "THE TRUE FACTS ARE CONSIDERED," it'll be clear that the injunction should never have been issued. #TwitterProclamationFalse - Here's #Bitfinex's big problem - #ItCantLieAnymore - and we all know it's in cover-up mode at the moment.
4) This isn't news exactly, but I love the public statement that Bitfinex and Tether have overlapping ownership and share certain personnel. To me, a #StableCoin should be independent and stable. #MaybeThatsJustMe
5) My favorite line: "The allegations center on a supposedly "conflicted" 900 million revolving line of credit." #SorryLawyersThereIsNoSupposedAboutIt - Perhaps @stephendpalley has a good poem about the word conflicted -
6) Here's where the real fight starts: Bitfinex/Tether wants to claim that Tether does not need to hold $1 for every dollar of #Tether. This is a bad legal strategy. But we all know there are going to be thousands of documents where #Bitfinex/#tether claimed just that.
7) My next favorite: "The deal was negotiated on an arm's length basis with 'independent counsel.'" Big time red flag -WHY- because the same guy #GiancarloDevasini signed for both Bitfinex/Tether! Good job catching that @Bitfinexed - That's coming out in the next brief.
8) Now comes the "we disclosed by changing our Terms of Service, which invalidates every lie we told before this happened." Ohhh and #TheMartinActOnlyAppliesToCommoditiesAndSecurties - only my twitter feed believes that argument...
9) Big Law making the "Fractional" reserving is all good argument. 74% is close to 100%. The market didn't collapse when the lawsuit got filed. Nothing to see here. That is the argument that is going to get people #SentToJail
10) Finally - Bitfinex/Tether makes a valid point: There was no need to obtain the order ex parte. Maybe my friend @propelforward can explain if somehow the Martin Act makes that a regular occurrence; I don't know. Very hard to get an ex parte order.
11) The Oscar goes to the lawyers for trying to explain away the Crypto Capital/Bitfinex relationship in December 2018. I mean .... seriously! Oops, we lost $750 million and we need to do something ... despite swearing we're fully backed - #WeCanLoanOurselvesMoney
12) Kudos to Bitcoin Magazine for getting recognized as #IndustryPress - Also, I didn't know it's ok to say that - The Markets Shrugged Off The Fraudulent Disclosures - is now an acceptable defense. #TeachThatOneInLawSchoolNOT
13) On the next page, they claim the press to be @WSJ. I'm sure @paulvigna feels that #Bitcoin Magazine and @wsj are the same...
14) It's #Twitter, so I don't need any proof, but how can #Bitfinex have not violated the terms of its 2016 settlement with @CFTC? I mean, blatantly lying has to be in there, right? I'll let a smarter lawyer say what's in Section 4(a) and (d) and 7 USC 6. cftc.gov/sites/default/…
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