Tether and Bitfinex have decided not to challenge requests for FOIL (freedom of information law) from reporters, including Ada Hui, Shane Shifflett, and Zeke Faux as instances of journalists who engage in “specific behaviors.”
The companies claim that Faux went beyond the bounds of professional journalism in his previous reporting on Bitfinex and Tether. The two companies assert in their release on November 24 that journalists working for The Wall Street Journal and Bloomberg, among other media sites, have contributed to the ongoing FOIL request and have provided “one-sided and inaccurate” material.
Tether and Bitfinex, on the other hand, agree that they want to “lead by example” and establish a better moral standard. The deal reached in February 2021 by Tether, Bitfinex, and the New York Attorney General (NYAG) is related to the present FOIL request.
The arrangement, which CNBC first revealed, called for the settlement of a two-year court battle involving the purported misappropriation of $850 million in customer and company assets by paying a $18.5 million fine.
Tether and Bitfinex agreed to provide the NYAG with quarterly transparency reports as part of the two-year settlement terms. After fulfilling these duties, CoinDesk filed a FOIL request in New York to make Tether’s first quarter materials available to the public, as required under the settlement agreement.
Tether emphasizes both companies’ dedication to openness in its announcement’s conclusion, saying that their initiatives are meant to establish their leadership positions in their respective industries.
Unlike 2021 allegations that Tether is lying about U.S. money completely supporting its virtual currency at all times, the choice not to defend the FOIL request is a sign of commitment to ethical business practices and upholding a reputation for transparency.
