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Tag Archives: Bitfinex

Tether and Bitfinex Ordered to Pay $42.5 Million Fine by the CFTC

The United States Commodity and Futures Trading Commission (CFTC) has ordered Tether and Bitfinex to pay fines worth $42.5 million. In a release from today, October 15th, Tether Holdings Limited, Tether Limited, Tether Operations Limited, and Tether International Limited – all companies associated with the issuer of the largest stablecoin USDT, Tether, were ordered to pay a fine worth $41 million. This was issued by the CFTC on the grounds of “misleading statements and...

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Bitfinex Paid Over $23 Million in ETH Fees to Send $100K Worth of USDT

The cryptocurrency market never ceases to amaze. One of the most popular centralized exchanges – Bitfinex – spent over $23 million worth of fees to send $100K USDT using Ethereum’s network. In what seems to be the most expensive transaction made on Ethereum, Bitfinex, the well-known cryptocurrency exchange, paid over $23M worth of ETH. Interestingly enough, the transaction itself intended to send $100,000 worth of USDT. According to Etherscan, Bitfinex paid a grand total of...

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Bitfinex Rolls Out Kazakhstan Regulated Security Token Exchange

Popular cryptocurrency exchange Bitfinex has announced the launch of a new trading platform focused on Security Token Offerings (STOs). Bitfinex said in a recent announcement that the new platform will operate under the financial laws of Kazakhstan, as provided by the Astana Financial Services Authority (AFSA). The STO exchange, dubbed Bitfinex Securities Ltd, has been launched as part of the company’s efforts to support the development of the global financial industry....

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JPMorgan Thinks BTC Could Surpass $100K By the End of the Year

Financial giant JPMorgan recently stated in a new report that the world’s number one digital currency by market cap – bitcoin – could potentially reach a price of around $130,000 by the time the year is out. JPMorgan Is Predicting Big Things for BTC In the document, JPMorgan writes the following: Considering how big the financial investment into gold is, any such crowding out of gold as an alternative currency implies big upside for bitcoin over the long term. A...

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Bitfinex Derivatives Launches Contracts for Tether Gold-Bitcoin With up to 100x Leverage

A year after the release of XAUt – a commodity-backed token pegged to gold – Bitfinex has announced the launch of a perpetual contract for the trading pair Tether Gold/Bitcoin. The new product will be settled in BTC and will offer up to 100x leverage for users. XAUt/Bitcoin Perpetual Contract on Bitfinex Launched in 2012, Bitfinex is among the oldest cryptocurrency trading venues owned and operated by iFinex Financial Technologies Limited. Back in 2019, the Hong Kong-based...

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NY’s Letitia James: You Must Be Very Careful Investing in Crypto

New York attorney general Letitia James has issued a statement to all residents of New York warning them that cryptocurrencies are risky, and that they should think twice before investing in them. Letitia James Warns Against Crypto Usage In the statement, she also takes aim at all cryptocurrency businesses, claiming that if they do not follow the rules set forth by New York and the rest of the country, they are likely to face serious monetary and legal consequences. This...

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Tether, Bitfinex Settle Major Legal Case in New York

Tether and Bitfinex have settled their case with the New York Attorney General’s office. Both companies have agreed to pay as much as $18.5 million to make the issues of the past finally disappear. The Tether Bitfinex Fiasco Has Come to an End Both companies have been under serious investigation for the last few years after having been accused of working to cover up an $850 million loss of both corporate and client funds. As a result of the settlement, both Tether and...

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Settlement With NYAG Reached: Tether and Bitfinex to Pay $18.5M and Stop Servicing NY Clients

Tether and Bitfinex will no longer be able to trade with New York citizens and will have to pay $18.5 million in penalties as their two-year-long legal case with the New York Attorney General office came to an end. The case started in April 2019 when the NYAG office alleged the popular exchange Bitfinex of losing $850 million and using Tether funds to secretly cover the losses to the payment processor Crypto Capital. The funds were actually confiscated by government authorities from the US,...

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Tether Freezes $1.7M in USDT Stolen in Yearn Finance Exploit

Following the recent attack on the Yearn.Finance protocol, major U.S. dollar stablecoin company Tether froze $1.7 million worth of USDT stolen from the platform. Meanwhile, Bitfinex disclosed that it had made the last loan repayment to Tether.Tether Freeze Raises Centralization ConcernsTether CTO Paolo Ardoino announced the news of the USDT freeze via his Twitter handle on Friday (Feb. 5, 2021). The company’s action would subsequently prevent the hacker from spending the stolen funds.....

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Tether’s General Counsel: iFinex v. NYAG Case Continues with a Court Meeting in 30 Days

The January 15th deadline passed, and, as somewhat expected, the parties in the NYAG v iFinex case are yet to conclude the production and submission of the requested documentation.As reported by CryptoPotato earlier, January 15th was a much-anticipated date regarding the case between the New York Attorney General’s office and iFinex – the parent company of both Tether and Bitfinex.On this date, iFinex had to produce a bulk of documents requested by the office of the NYAG. The latter alleges,...

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