The parent company of cryptocurrency outfits Bitfinex and Tether has questioned the New York Attorney General’s oversight authority in an official court response to accusations that its subsidiaries covered up some $850 million in losses.

In the May 5 filing, iFinex, the parent of Bitfinex and Tether said the Attorney General’s claims were based on incomplete and incorrect facts, adding that the entire process was “backwards.” Bitfinex and Tether share common investors and management.

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