 In April 2019 New York Attorney General Letitia James filed a suit accusing Bitfinex of using Tether's reserves to cover up a loss of $850 million.Bitfinex had been unable to obtain a normal banking relationship, according to the lawsuit, so it deposited over $1 billion with a Panamanian payment processor known as Crypto Capital Corp.The funds were allegedly co-mingled corporate and client deposits and no contract was ever signed with Crypto Capital.