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Bitfinex/ NYAG: New York Supreme Court grants immediate stay of the document demands

Priya

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Bitfinex/ NYAG: New York Supreme Court grants immediate stay of the document demands
Source: Pixabay

Bitfinex, currently most controversial cryptocurrency exchange, announced that the New York Supreme Court Judge Joel M. Cohen granted the firms’ motion for an immediate stay on the documents demanded by the New York Attorney General. This motion was filed along with the firms’ motion to dismiss the NYAGs investigation, considering that the platform does not provide any services to the people of New York.

To add on, Bitfinex and Tether claimed that the Martin Act was not applicable to their businesses, with their main stance being that the Attorney General has failed to prove Tether as a commodity or a security. The blog post published by Bitfinex stated,

“Bitfinex and Tether filed a motion to dismiss the proceeding brought by the New York Attorney General’s office on the grounds that […] (3) the Martin Act cannot be used extraterritorially to compel a foreign corporation to produce documents stored overseas.”

However, the exchange will be required to disclose documents and information that would be “relevant to the limited issue of whether there is personal jurisdiction over the companies in New York but staying the document order in all other respects.” While one of the motions was granted, the motion to dismiss the case was scheduled to 29th July 2019.

Bitfinex further stated,

“We welcome Justice Cohen’s decision, which reflects that our motion raises significant legal challenges to the validity of the Attorney General’s actions. This order is another victory in the ongoing defence of our businesses against the New York Attorney General’s overreach […]”

In its Memorandum of Law document, the firms had clearly stated that the Attorney General would not succeed, emphasizing that the Martin Act does not apply to Tether as it covered “only transactions in ‘securities or commodities’.” More so, it stated that the Attorney General has so far failed to prove that Tether was either, claiming that the Howey Test does not apply to the coin as it is a stablecoin.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Coinbase, HitBTC, WazirX report Cloudflare outage issues

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Source: Unsplash

The world’s leading cryptocurrency exchange, Coinbase, reported experiencing intermittent access issues which was traced to a Cloudflare outage. In a blog post, Cloudflare reported that it observed network related issues on Monday morning.

The support team revealed that Cloudflare identified a potential “route leak” which affected some of its IP ranges, shortly after the news broke out on mainstream media. The issue was solved in less than two hours after the network responsible for the route leak was fixed, the official blog post said.

Around the same time, Indian cryptocurrency exchange, WazirX, also reported access issues across its website and apps. The affected companies also included HitBTC, the Hong Kong-based exchange which also reported difficulties in their web interface.

HitBTC noted,

“Half the internet is experiencing the same issues since the cloudflare and many internet routes appear to be down.”

After resolving the issue, Cloudflare, which is a US-based content delivery network service, stated,

“Traffic levels have returned to normal now that the route leak has been fixed. We are now marking this incident as resolved.”

Most of the affected sites showed an error which said, “Connection timed out.” Cloudflare has not revealed the name of the network involved as of yet. It is also unclear if all the affected websites had started operating normally. A myriad of websites including Overcast, Discord, WP Engine,  Sonassi, Feedly, Crunchyroll among many others that completely rely on web hosting or who partner with Cloudflare for their CDN service, were also affected.

The affected areas can be seen in the picture below.

Source: Cloudflare





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