According to Crypto Insider, chat records with Bitfinex executives (codenamed "Merlin") and Crypto Capital partners (codenamed "CCC") in support of New York State Attorney General Letitia James filed a lawsuit against Bitfinex and Tether It shows that Bitfinex executives have said, "Please understand that this is extremely dangerous for everyone and the entire encryption community. If we do not act quickly, BTC may fall below $1,000." Previously, April 25, The New York Attorney General’s Office said in a press release that the crypto exchange Bitfinex lost $850 million and then used Tether’s funds to make secret compensation. New York Attorney General Letitia James revealed that he had obtained a court order against iFinex Inc. (Bitfinex parent company) to stop violating New York law and deceiving New York residents. Bitfinex issued a statement saying that the Office of the Attorney General of New York maliciously wrote the document, and $850 million was not lost but was seized and protected.