, 10 tweets, 3 min read Read on Twitter
1/ #Bitfinex & #Tether systematically take apart the NYAG's latest claims:

-ECPs are foreign entities
-No personal or subject matter jurisdiction
-No NY customer has suffered
-Tether has never had a problem with redemptions. Period
-USDT has not been proven to be a commodity
2/ The ECPs are all foreign entities:

"Bitfinex and Tether do not transact with any New York ECPs. All references to New York-based trading or virtual currency firms … refer to foreign entities"
3/ No NY customer has been identified by the OAG as having suffered any loss or harm from the CryptoCapital problems or the Bitfinex/Tether loan transaction
4/ USDT redemptions have never been a problem

"The loan repayment is evidence that Bitfinex is financially healthy...and that OAG's alleged concern over the "backing" of tether is unfounded. ... Tether has had no difficulty redeeming tether holders at par-not once, not ever."
5/ Bitfinex goes to great lengths to exclude US customers

“ ... a concern about a highly uncertain regulatory environment ...This proceeding is a perfect example of what the Companies, at the cost of losing significant potential business, had intentionally tried to avoid. "
6/ Bitfinex does not target US customers

"The Companies do not advertise or market to individuals or entities in the United States or New York.”
“…vendor relationships have nothing to do with the OAG’s allegations…”
7/ Bitfinex has worked diligently to comply with the courts discovery order

“Respondents in fact produced a significant amount of data and documents related to unverified users of the Bitfinex platform ... 70k pages of documents ... across 10 different communications platforms”
8/ The OAG tries to throw everything at the wall in the hope that something sticks

The company's business does not relate to the secondary market trading of USDT on other platforms

Other virtual tokens trading on Bitfinex are not related to the 354 order and are not customers
9/ $LEO has nothing to do with the US. Period 🦁
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