Tether isn’t off the hook. Despite many Tether defenders rallying that Tether is “confirmed to be legit”, the NY AG report clearly says otherwise. This settlement means Letitia James will no longer deal with this lawsuit, and presumably, another agency will take over.
The terms of the settlement mandate
Bitfinex and Tether to report their current reserve status and budget and any transactions between the two companies, as well as provide public reports for the specific composition of their cash and non-cash reserves. The reports will need to be submitted each quarter for the next two years.
I predict more powerful agencies like SEC and DOJ to open probes into Tether and Bitfinex in the coming weeks or months, and play a consequential role in taking them down.
I will be following future cases very closely, and keeping everyone up to date on any updates about Tether, which is quickly growing to becoming one of the largest Ponzi schemes ever.