Bitfinex news

Cryptocurrency exchange co-mingled client and corporate funds, New York attorney general alleges

This is Willybot all over again. CryptoTrading claims 850mil is "seized" by officials. Bitfinex/Tether co obtain a 900mil line of credit with a 6.5% interest rate. Markets see unprecedented buying action, with Bitfinex as the leading exchange, leading to the 20k USD bubble. You can't tell me that the timing of this is all coincidence. This is the exact same thing that happened with MtGox and it's market manipulation effort to pay back its losses. On March 29, after further discussions, the representatives disclosed in a letter to the AG that the credit line had been closed and “during November 2018, Tether transferred $625 million held in its account at Deltec to Bitfinex’s account at Deltec. Ergo, Tether is not currently backed by a reserve (unless they have access to another credit line we aren't aware of, seems unlikely though). In other words a portion of this market is currently propped up by money that does not exist. So people can stop saying that this news "shouldn't impact Bitcoin", because it clearly should and will.

Bitfinex Allegedly Covers $850 Million Loss With Tether Funds The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall, according to an announcement published on April 25. Attorney General Letitia James revealed that her office obtained […] Cet article Bitfinex Allegedly Covers $850 Million Loss With Tether Funds est apparu en premier sur Bitcoin Central.

http://understandingbtc.com/ by @ToneVays https://twitter.com/ToneVays Website: https://ToneVays.com News: https://twitter.com/ToneVays/status/1121525979216863232 Audio Podcast: https://itunes.apple.com/us/podcast/the-tone-vays-podcast/id1390209454?mt=2 Please Support via Affiliate Codes: Trading View: http://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=4905&url_id=3 TorGuard VPN 50% off code & link = tone50: https://torguard.net/aff.php?aff=3782 See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Useful Bitcoin Sites: Full Node Set Up: https://bitcoin.org/en/full-node Lightning Node Set Up: https://medium.com/lightning-power-users/windows-macos-lightning-network-284bd5034340 Mempool: https://dedi.jochen-hoenicke.de/queue/#1w Useful Charts: http://charts.woobull.com/ State Regulations: See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Tone Vays is available for Corporate Consulting at the rate of 0.3 btc per hour. Please email Tone@protonmail.ch for additional info.

Bitcoin In Death Throes? Tether Comes Under Fire Wow. What a past 120 minutes its been for the cryptocurrency market. As Ethereum World News reported, iFinex, the operator of both Bitfinex and Tether Limited (the firm behind USDT), had come under legal pressure from a key U.S. legal entity. For those who missed the memo, here’s a recap: A document unveiled by the New York Attorney General’s (NYAG) office on Thursday has revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. Per a lawsuit issued by official Letitia James, iFinex Inc, which is the company behind the two aforementioned crypto startups, promoted the “issuance, distribution, exchange, advertisement, negotiation, purchase, investment advice, or sale of securities” in New York State, which is illegal without the proper licensing and documentation. The suit has also revealed that Bitfinex purportedly sent $850 million to a Panama-based company, failed to secure the funds later, and went on to raid almost $1 billion of Tether’s cash reserves to satisfy its customers. As a result of this news, BTC fell immediately. Within 30 minutes of the news’ publishing, BTC dropped from $5,550 on Coinbase to a low of $4,950 — a collapse of just over 10% — as Crypto Twitter spread this harrowing pieces of news within minutes. Altcoins across the board followed suit, with USDT falling to $0.98 on a number of exchanges. But, now, some are coming to the conclusion that this isn’t the end of cryptocurrency per se, leading to a recovery in the Bitcoin price to $5,200. As researcher Hasu notes, the fact that Bitfinex dipped into Tether’s reserves effectively verifies that USDT is actually backed, and that the exchange was just employing bad business practices and/or was unlucky with its Panama-based payment processor/partner. The way I Interpret these news, Tether is fully backed, it's Bitfinex that isn't.— Hasu (@hasufl) April 25, 2019 Bitfinex Responds, But Traders Flee In Horror Anyway About an hour after this news hit the Wall Street Journal and other outlets, a Bitfinex staffer going by “Garbis” released a statement on the company’s official Reddit forum. The employee explained that Bitfinex’s “team is reviewing the documentation,” and a statement will be released on the matter in the coming hours. In spite of this response, which was deemed lackluster and meaningless by most, users are revealing that they are withdrawing all their capital from the (not so) popular crypto platform. With regards to the recent allegations, from bitfinex Eduardo, a Venezuelan Bitcoin enthusiast that works for Purse.io, revealed that while he isn’t selling his BTC, he is withdrawing “what little” he had off the platform. Many others in the community made similar remarks, posting images of their withdrawal requests — balances and addresses redacted of course — to show that they are now skeptical of Bitfinex’s dealings. It is unclear whether or not the exchange will be able to keep up with these withdrawal requests. 🚨 🚨 3,999 #BTC (20,668,499 USD) transferred from #Bitfinex to unknown walletTx: https://t.co/pMp7mgbfNI— Whale Alert (@whale_alert) April 25, 2019 Title Image Courtesy of Marco Verch Via Flickr The post Bitcoin (BTC) Hits $5,200 As Tether News Propagates, Traders Flee Bitfinex appeared first on Ethereum World News.