Bitfinex and Tether have just reached an agreement with the New York Attorney General’s office (NYAG), formally ending a three-year legal dispute.

Under the terms of the agreement, Bitfinex and Tether agreed to pay NYAG a “hand-in-hand fee” of $ 18.5 million.

In April 2019, New York authorities accused Bitfinex of using Tether money to “cover losses” of $ 850 million. The lost funds are believed to be the reason Bitfinex customers were unable to withdraw money from the exchange at the end of 2018.

At that time, Bitfinex sent a letter “reassuring” users, asserting that the New York government’s allegations were all false information. The duo Bitfinex – Tether “spent $ 500,000” boldly to hire 60 lawyers to prepare for a legal war.

At one point, the victory seemed to tilt to the government when New York petitioned Bitfinex should be forced to publicize the “hand in” deal with Tether and Tether was ordered by the Supreme Court not to lend Bitfinex more money.

Jason Weinstein, Bitfinex and Tether’s advisor, shares:

“Contrary to the speculation of the online community, there is no finding that Tether has ever issued USDT without collateral (which is USD) or manipulating market prices.”

Another advisor, Stuart Hoegner, commented:

“The amount of $ 18.5 million paid to the NYAG office should be seen as a measure of our desire: we want to completely resolve this legal issue and focus on our business. me. “

Also in the settlement, Tether volunteered to provide the NYAG office and the public with quarterly updates on USDT’s collateral resources.

“We agree with the Attorney General’s vision to increase transparency. We will make additional information on Tether collateral publicly available quarterly. ”

Earlier this month, as Coin68 reported, Bitfinex has paid off the remaining $ 500 million debt to Tether. Before that, a portion of the stolen money from Bitfinex returned to this exchange.

So the persistent scandal that made both Bitfinex – Tether and the crypto market “land on the ground” last 3 years has officially come to an end. The community hopes to enter a new market page – more transparent and mature.