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Bitfinex wins a local court fight and launches a tokensale platform
September 25  |  2 min read

Bitfinex Gains a Partial Win in Court and Launches a Token Sale Platform

The COIN360 Editorial Team

Lawyers for Bitfinex and Tether won a local fight in court this Tuesday that vacates, for now, the order to turn documents over to the New York Attorney General’s office. The court decision reads that the “motion is granted on condition the appeal is perfected on or before November 4, 2019 for the January 2020 Term.” Meanwhile, yesterday Bitfinex unveiled Bitfinex Token Sales which will replace the current IEO platform.

While general counsel to Bitfinex and Tether Stuart Hoegner has expressed his readiness to address “the substantive issues before the appellate court,” the representative from the New York Attorney General’s office has reminded people that case is far from being over:

“We look forward to making our case in court as we seek to have Judge Cohen’s decision upheld and continue our investigation.”

This August, New York Supreme Court Judge Joel Cohen ruled Tether and its affiliated entities had to submit documents about a $900 million loan made to Bitfinex. The exchange is accused of covering up losses by borrowing from the stablecoin reserves.

In the meantime, Bitfinex yesterday announced the launch of Bitfinex Token Sales which is set to replace the current IEO platform, Tokinex. According to the announcement, the next generation of token sales will be a lot different from the previous forms due to the focus on sustainable growth:

“Bitfinex Token Sales is a platform that aims to create the best conditions for the long term, sustainable growth of the tokens offered in the sale.”

The first project to be on the platform is the Kimcoin token sale:

“ want to sell tokens to develop and grow but they are not yet ready to list, making an IEO inappropriate. However, we want to offer Bitfinex users the opportunity to participate in the token sale and we are able to do so by taking this flexible approach,” the announcement reads.