Grayscale Bitcoin Trust (GBTC)

[FooBarAndGrill]

I'm 99% sure the price action last 24 hours is directly related to NY State Supreme Court case (index #) 450545/2019 which you may view at https://iapps.courts.state.ny.us/webcivil/FCASMain

Bitfinex & Tether

ORDERED that the preliminary injunction in the April 24 Order is modified to provide that: Respondents, their directors, officers, principals, agents, employees, contractors, assignees and all other persons acting on their behalf are preliminarily enjoined from the following activity:

i. Any action by Tether to loan, extend credit, or transfer assets, or engage in any similar transactions outside the ordinary course of Tether’s business that would result in Bitfinex or other affiliated parties having claims on the U.S. dollar reserves being held by Tether, including but not limited to the line-of-credit transaction that was the principal focus of the Petition;

ii. Making any distribution or dividend to any principal, executive, employee, agent, equity holder, or associate of Bitfinex and Tether from funds that have been loaned, extended, pledged or otherwise taken from the U.S. dollar reserves held by Tether. For the avoidance of doubt, the foregoing shall not preclude payments in the ordinary course of business, including payroll or payments to vendors, consultants, or contractors; and

iii. Directly or indirectly tampering with, mutilating, altering, erasing, removing, destroying or otherwise altering or disposing of any and all books, records, documents, files, correspondence, assets, accounts, personnel files, cassette tapes or other recordings of any type, computers, computer or other disks and hard drives, other types of tapes and document recordings, computer records or videotapes of any type however created, evidences of electronic transmissions or documents, produced or stored, or other tangible items, wherever located, including but not limited to places of business and home addresses, residences and places of storage, relating to any relevant or potentially relevant documents, communications, or information called for by the subpoenas dated November 27, 2018, the letter of February 26, 2018, or this Order, including but not limited to personal communications of Bitfinex and Tether principals, employees, agents, contractors, investors, or associates on encrypted devices or from “ephemeral” or other self-deleting applications; it is further

ORDERED that the preliminary injunctive relief granted herein shall expire ninety (90) days from the date of this Order, subject to Petitioner’s right to petition this Court to extend the time; and it is further ORDERED that fourteen (14) days prior to the expiration of the injunctive relief set forth above, Petitioner may submit a letter to the Court setting forth the basis upon which any or all of the injunctive provisions should be extended.

Respondents may submit a letter in response within seven (7) days, after which the Court will determine whether it is necessary to hold a hearing. This is the Decision and Order of the Court.

Signed Judge Joel M. Cohen 5/16/2019