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Bitfinex and Tether Must Submit to Mandatory Reporting on Efforts to Stop New York Trading Bitfinex and Tether Deceived Clients and Market by Overstating Reserves, Hiding Approximately $850 Million in Losses Around the Globe   NEW YORK – New York Attorney General Letitia James today continued her efforts to protect investors from fraudulent and deceptive virtual or “crypto” currency trading platforms by requiring Bitfinex and Tether to end all trading activity with New Yorkers. Millions around the country and the world today use virtual currencies as decentralized digital currencies unlike real, regulated government currencies, including the U.S. dollar to buy goods and services, often times anonymously, through secure online transactions. Stablecoins, specifically, are virtual currencies that are always supposed to have the same real-dollar value. In the case of Tether, the company represented that each of its stablecoins were backed one-to-one by U.S. dollars in rese

New yorkUnited statesKim bergerPeter popeCharmaine blakeLetitia jamesJohnd castiglioneChris dangeloJustice kevin wallaceTanya trakhtJohanna skrzypczykBrianm whitehurstEzra sternsteinFirst departmentOffice of the attorneyDivision for economic justice