According to Coindesk, the New York Attorney General's Office (NYAG) conducted a more detailed investigation of the Bitfinex and Tether cases, and a New York Supreme Court Appeals Department's document dated December 4th, which reinforced NYAG's arguments, NYAG called Bitfinex's legal position "seriously improper" in the document. NYAG said that Bitfinex and Tether have gradually depleted the reserves supporting USDT tokens. The two companies (shared executives and shareholders) "ran out of cash-backed Tether tokens step by step: first the cash in their hands was converted to $ 625 million in an inaccessible Crypto Capital account; A US $ 625 million debit note was used to replace this suspicious source of support. "NYAG added that the debt" seems unlikely to be repaid "as Bitfinex needs to guarantee the withdrawal of funds from the exchange. In addition, NYAG's new documents further indicate that under US law, LEO tokens issued by Bitfinex in early summer could be a security.