Bitfinex CEO tells customers the NYAG lawsuit is "filled with inaccuracies and false assertions"

Bitfinex CEO Jean Louis van der Velde e-mailed the cryptocurrency exchange's traders today to update them on the lawsuit filed against Bitfinex and Tether by the New York State Attorney General's office on Thursday, April 25, 2019. According to van der Velde, the filing is "filled with inaccuracies and false assertions."

He claims that Bitfinex and Tether were "co-operating fully with New York authorities" in the inquiry and that the lawsuit and related materials were "filed without notice to [Bitfinex and Tether] or a chance to respond to them." van der Velde continues with an assurance to traders that the allegation of a loss of $850 million is "categorically false." He claims Bitfinex and Tether were "advised that these amounts – whether in whole or in substantial part – are, in fact, seized and safeguarded in several jurisdictions, including Poland, Portugal, the United Kingdom, and the United States." The firms are actively working on the release of those funds using "clear, coherent, and convincing arguments."


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van der Velde closes with a note of thanks to "our customers and wider community," saying that Bitfinex and Tether "have been humbled and encouraged by the support we have seen." He claims that the firms are "as strong as ever" and "good actors in the digital token space" who "always act with you, the customer, as our first priority."

He defiantly states that Bitfinex and Tether "are not going anywhere" as they continue to cooperate with regulators worldwide. They "have always taken our legal obligations very seriously, and will continue to do so,"  says van der Velde. The firms "will not allow that spirit of co-operation and goodwill to be used to threaten our customers."

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Mike Dudas is one of the founders of The Block and was the CEO until April 2020 and a board member until April 2021. Prior to starting The Block, Mike was co-founder and CRO of Button, the leading global, mobile performance marketing platform. Mike is a builder of mobile commerce businesses, having worked at Google, Braintree/Venmo and PayPal. Early in his career, Mike worked in corporate M&A and strategy for Disney. Mike earned a BA from Stanford and an MBA from Kellogg.