Bitfinex Shareholders Say They Are Unconcerned With Fraud Allegations

Bitfinex Shareholders

Bitfinex Shareholders Say They Are Unconcerned With Fraud Allegations

Bitfinex Shareholders

Bitfinex shareholders have recently revealed the New York Attorney General’s fraud allegations regarding the crypto exchange and Tether. They are two in number.

Bitfinex shareholder Zhao Dong speaking to CoinDesk , revealed Bitfinex’s chief financial officer Giancarlo Devasini assured him this is a temporary situation.

According to the news outlet, Zhao claims Devasini told him the exchanges needs a “few weeks” to unfreeze the $850 million it has ‘stuck’ with a third-party payments processor called Crypto Capital. He said:

“The funds were in several banks in Poland, [the] U.S. and Portugal, so I’m not sure but that’s what I heard.”

Bitfinex was accused by the New York Attorney General of having an $850 million hole since late 2018, which it reportedly covered by borrowing millions from Tether. Crypto Capital reportedly claims the funds were seized by government authorities in various countries, while Bitfinex’s management believes the firm may be engaged in fraud.

It is reported that to cover the ordeal Bitfinex reportedly got a $625 million transfer from Tether between November of last year and March of this year, which it then returned. The platform then went on to qcquire a $900 million line of credit from the firm secured by iFinex shares.

Testboo previously reported that Tether quietly diluted its USD reserve claims in March of this year, presumably at about the same time it gave Bitfinex the line of credit.

Currently, the NY AG claims the missing funds belong to both Bitfinex’s corporate accounts and its users but Zhao claims they are from its users.

Zhao said:

“What the information I have right now is there are no losses, but the funds belong to clients. If the U.S. government seized the funds, they should know, the funds doesn’t belong to Bitfinex or Tether, it’s the clients’ money.”

The story is still developing … Stay tuned.


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