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Jyoti Singh
May 2, 2020
by Jyoti Singh

iFinex Files Subpoena To Investigate Missing $800 Million

iFinex
The crypto exchange Bitfinex has been searching for new ways to regain over $800 million from the legal authorities, in the user funds. The authorities have seized the funds in four different countries because the bank account of its payment processor was frozen.

The parent company of Bitfinex, iFinex, recently, applied for subpoenas in the federal courts of Colorado, Arizona and Georgia and urged them to help the company in deposing those banks which may have taken the funds for Crypto Capital.

Crypto Captial is the payment processor of Bitfinex which secures the funds of customers and exchanges.

Subpoena To Depose Employees

If any firm wants to get information regarding the bank records then it can apply for a subpoena because the bank cannot share its detail and documents directly with anyone, it needs court’s approval for it.

On April 28, 2020, iFinex applied for a subpoena to dismiss the SunTrust Bank employees. Similar kind of application was filed by the company before the month of April, to depose the Bank of Colorado. Later, the company filed to depose ABT & Trust in Arizona. 

This is a step towards getting evidence to support its legal claim on $880 million, which has currently been taken over by the authorities following the anti-money laundering charges against Crypto Capital. 

iFinex Testifies Former TCA Bancorp Executive

On October 2019, Bitfinex requested a subpoena in California. At that time the exchange was testified the former TCA Bancorp executive to get the details about the account of Crypto Capital. Later when the company filed an application in Arizona, the judge granted it the subpoena. But in Georgia, the federal judge stated that firstly, the company needs to register a corporate disclosure statement then any further actions would be taken.

The parent company of Bitfinex, while applying for subpoena in Arizona, has stated, “Crypto Capital used a bank account with Citibank, N.A. (‘Citibank’) to accept certain deposits from Applicant’s customers. The account was held in the name of ‘Global Trading Solutions, LLC”.

The New York Attorney General’s office has filed a lawsuit against Bitfinex and its sister firm, Tether, for alleging fraud and market manipulation.

But the stable coin operator, Tether, denied all the allegations and to prove itself right, the company started issuing more USDT, aggressively. On April 30, 2020, it has released around 80 million USDT.

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    iFinex Files Subpoena To Investigate Missing $800 Million
    Jyoti Singh
    Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

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