The parent company to Bitfinex <a href="https://www.cryptoknowmics.com/crypto/cryptocurrencies-should-be-regulated-says-mike-pompoe/">cryptocurrency</a> exchange, iFinex Inc. has filed an application to a U.S. court to <a href="https://go.skimresources.com/?id=100652X1574425&amp;isjs=1&amp;jv=13.23.5-stackpath&amp;sref=https%3A%2F%2Fwww.coindesk.com%2Fbitfinex-files-for-subpoena-in-bid-to-recover-880-million-in-frozen-funds&amp;url=https%3A%2F%2Fwww.scribd.com%2Fdocument%2F431260467%2FBitfinex-subpoena-application%23from_embed&amp;xguid=01DQ83VQ7453PJCMP3J4SRYV79&amp;xs=1&amp;xtz=-180&amp;xuuid=e324d183e2cb416958cb0afd861b7e29">subpoena</a> a former banking executive of a trust company to help recover $880 million in frozen funds.

Moreover, Bitfinex has requested a subpoena to take a deposition from Rondell "Rhon" Clyde Monroe. The company wants the production of documents by Monroe, a Vice President of TCA Investment Bancorp and Trust Company (TCA Bancorp.).  iFinex has filed the application under r <a href="https://www.law.cornell.edu/uscode/text/28/1782">28 U.S.C. §1782(a)</a>. This is a federal law that is used to allow discovery tolls in the U.S. courts to help in non-U.S. litigation.

In addition, if the application is approved, it will allow for a deposition and document production in foreign cases described therein. Additionally, Bitfinex CFO Giancarlo Devasini filed a supporting <a href="https://www.tbstat.com/wp/uploads/2019/10/Bitfinex-CFO-Giancarlo-Devasini-Declaration.pdf">declaration</a> alongside the application.

According to Bitfinex, the $880 million were entrusted to Global Trade Solutions AG, which is also known as Crypto Capital.  Bitfinex claims that AG had provided payment processor services to the exchange since 2014; primarily during the period from 2017-18. During this period, Bitfinex had lost its banking relationships with banks in Taiwan. This was allegedly due to pressure from U.S. banks.

Furthermore, Bitfinex alleges it has not been able to access the funds from Crypto Capital since December 2018. Crypto Capital claims its bank accounts in Poland, Portugal, the UK and U.S. have been seized or frozen by government agencies.  Bitfinex is planning to initiate legal proceedings in the mentioned countries in an attempt to recover the money.
<h2>Bottom Line</h2>
Additionally, Bitfinex claims that Crypto Capital used one or more accounts at TCA Bancorp to initiate the transfer of its funds. Bitfinex believes that Monroe has information and documents that will aid in proving this relationship, and substantiate Bitfinex’s claims to the funds.

In conclusion, as part of the discovery application; the firm requests information on alleged ownership and account usage by Crypto Capital at a number of U.S. banks. These banks include; including HSBC, Citibank, Bank of America, Sun Trust, TD Bank, US Bank, and Wells Fargo among others. This information will establish a link between Bitfinex and the money being held in Poland, Portugal, and the UK.

The court filings can be viewed in their entirety below:

<a href="https://www.tbstat.com/wp/uploads/2019/10/iFinex-Discover-Application-10.18.19.pdf">iFinex Discovery Application 10.18.19</a>

Bitfinex Files Discovery Application to Regain Access to $880 million

The parent company to Bitfinex cryptocurrency exchange, iFinex Inc. has filed an application to a U.S. court to subpoena a former banking executive...%

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Bitfinex Files Discovery Application to Regain Access to $880 million

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