Bitfinex does not give up and does not tip off Tether (USDT)

Apparently, the IEO format becomes a lifeline, not only for startups, but even for exchanges that are in a difficult situation. This format is resorted to by one of the oldest exchanges Bitfinex in a situation when it was in fact declared bankrupt.

Et tu, Brutus!

The scandal with the loss of $ 850 M by Bitfinex exchange erupted last week. The prosecutor of New York directly accused exchange of fraud, because the loss of money was hidden from clients. Tether was also involved in the scandal, as it turned out that in order to compensate for the losses, the exchange turned to stablecoin’s assets. The dark history has some dubious details – as if the company iFinex, the operator Bitfinex, gave this fabulous sum, which belonged to customers, the payment company Crypto Capital Corp. As if Crypto Capital Corp., demanded compensation for the freezing of its money by the authorities of the United States, Great Britain, Portugal and even Poland. At the same time, there were no details of the multi-million dollars’ confiscation, either earlier or now. Anyway, the exchange requested support from Tether. Tether willingly agreed (!) And handed over to the exchange either $ 600 M or $ 700 M from the USDT security. It was then, in mid-March, that Tether made a statement that the stablecoin is now backed not only with full-fledged US dollars, but also with other assets, cash equivalents, loan proceeds, etc. This did not cause a negative, although according to experts, the USDT lost 25% of the security. But when all the dubious story came out, and customers rushed to withdraw their money from Bitfinex – everything dropped, the USDT, and the exchange volumes, and even the Corn dropped a few percent, contrary to the upward trend.

Nevertheless, Bitfinex does not give up, and to solve all the problems at once decides to hold an IEO of its own token with a cap of $ 1 B. It is clear what will happen next. Not only that the exchange will immediately solve all the money problems and settle the relationship with a partner, Tether. So it will go further along the path that Binance has discovered. That is, it will continue the series of IEOs of third-party projects. Exchange tokens, of course, will be sold for USDT.

Rumors and facts

The news came thanks to a leak from the company Primitive Ventures. Dovey Wan organized a leak – as she defines herself, a skeptical optimist and citizen of the world. Contrary to the dubious title, investment firm Primitive Ventures deals with blockchain projects and states:

– We’re proudly thesis-free, and instead spend all of our waking hours finding and supporting the people building truly valuable things.

At the same time, the company’s website has an unsightly appearance and contains zero information, like its social media.

But in support of the Bitfinex IEO version, the fact that its CFO Giancarlo Devasini has announced – the difficulties are not so difficult. Like, they will all be eliminated in two weeks.

How else can you so quickly fill the lack of a huge amount, if you do not hold the tokensale of the exchange with a long positive history? In any case, the market has already responded positively – all the leading currencies turned green at once.

82 replies on “Bitfinex does not give up and does not tip off Tether (USDT)”

If the market won’t be crashed by some other hyping medias I hope to see Bitfinex and Tether working alongside without any problems

this story isn’t so easy to predict, I need to study more in order to understand why people are hating Tether without clear for me reasons to do it

1 billion is a fantastic sum even for 2019 – if USDT gets it and the rumor is real, im afraid that all opponents will be destroyed by click from Bitfinex

USDt is the strongest coin right now, don’t think this possible 1 billion can change something completely but the situation itself is incredible, Bitfinex can take such responsibility

I know that 1 billion is a huge sum but that’s only a rumor at the moment, hope to get real info from Bitfinex soon

im not sure about such big investments in crypto, the market is unstable right now but if Bitfinex really wants to do that they must think a lot

at least we know that Tether doesn’t hide anything from us, such kind of transparency is always welcomed.

yeah, I think we all msut respect Tether and stop flooding the forums with the worthless speculations

Certainly Tether will solve all the issues, but we should wait a bit. I’m sure everything is going to be alright!

well, the situation is not that easy, but the fact is that USDT keeps on serving its users without any delays or issues.

Tether management needs to work more now to get the reputation cleaned after what media has done to them.

tether is safe to trade there, I’ve checked all the possible variants but the numbers are stable, the situation is almost in its’ hands

tether is not always correct in their decisions, but this is not a disaster. what’s more people support it.

I can understand why Bitfinex decided to make this credit agreement with Tether – otherwise crypto would experience worse difficulties.

ofc there were many people panicking because of the situation with bitfinex but in general everything is calm right now

USDT has obtained monopoly in the industry, should we keep on hurting it? nope, the market will be defeated then.

finex will make people know the reality soon, I’m pretty certain that this truth will be accepted by the community

Bitfinex and USDT had an intention to avoid worse things, trust me – their explanation will help us to understand the situation better

Bitfinex wants to have the market cleaned from any lies and scam, I think this idea is great – we just need to help the platform with the realization

that’s kinda weird to see ppl who just refused to use Bitfinex just cuz of speculations – they actually fall for everything from news

Fake information is the curse of the modern world – even companies in crypto like tether and bfx are getting hurt by it

many finex opponents prefer to act dirty behind the platofmrs’ back, buy some journalists and so on

USDT statistic didn’t fix significant changes in the price so I guess we can finally stop worrying

I wouldn’t panic about Bitfinex for sure, think that the platform has a strict plan how to deal with the accusations

so much good news recently, with all the coins and a new network finex’s totally making its comeback in the industry

lots of dishonest journos had their field day with this one… I swear, once Bitfinex shakes off those allegations completely, it should sue all those slanderers, thats what I would do at least

seems like the numbers of Bitfinex don’t care the trials, such growth means the relevance of the platform

finex is going to want compensation for all the trouble it had to go through due to defamation, and I think I will side with them on this one

when are we gonna say that enough is enough? When the media succeeds in crashing the market? if we dont stop them from ravaging bfx, they will come for our platforms next and its not smth that we want, wake up guys!

Since I like how bfx continuously keeps itself in shape, I’m fine with voicing a positive opinion of it, honesty is something crypto needs more of these days

seems like cryptocommunity supports Tether – I didn’t expect that to be honest

the market is in high dependency on Tether right now, we need to be careful about blaming it

if you remember that Tether still acts within the bounds of law just like always, you cant help wondering wth its enemies are doing now..

I wonder if tether will go for another partnership soon, I mean after this incident quiets down, the coin could use a bit of assistance plus it has enough to offer, so it might just happen

Bitfinex still helps Tether and vice versa, so if you try to insult Tether you do it to Bitfinex, just wanted you to know

Although bfx experiences not the best times, they keep on creating new products. This sounds uplifting.

finex isn’t prepared for a long-term investigation I suppose, the platform needs to compete with other platforms and do their general stuff

its a challenging time for many crypto players, no doubt, but Bitfinex is coming out on top already, this incident will be their mark of honor in the future, we’ll get to see that for sure

My opinion stays the same here, the company performed quite admirably this season, and the allegations voiced some time ago are not worth our attention, I believe

Users sure are divided on bfx and what it rly is, but I am looking for some good platform to stay on and this one’s kinda promising, so I’ll try it out carefully to find the answer for myself

I see a point in bitfinex seeking to receive some compensation for what it has lost, its slanderers cannot walk away scot-free, I believe

this story is complicated of course, but if there are no victims, maybe we can close Tether case?

I was definitely right about tether and it’s qualities. It is still on the top in the market ant in my personal list

the coin always offers quality product and I don’t remember the time I was disappointed about its work

even though Tether did quite a lot to prove its legitness, some people choose to ignore that altogether, makes you wonder if its even worth trying at this point

Chaos reigns in crypto for now, so I would rather avoid any rash decisions, which means that unless everything completely goes to hell, part of my trades will involve tether – I mean, why not at this point?

Bitfinex started this year with a significant breakthrough and I’m upset a bit to watch them dealing with all this stuff.

you can still find positives even in this uncertain situation, I mean Bitfinex gotta be thinking hard on how they can prevent mini-disasters of this sort from occurring again in the future, Im sure of it

we really should ensure that the market is not that vulnerable to all those allegations that run rampant now, bfx has defended itself rather well, but others got hurt too and next time we gotta be able to protect them

I think Tether deals with Bitfinex have probably legal nature, at least I don’t see any law violation.

nice to see that the damage dealt is kinda exaggerated, so once Tether gets done with the legal stuff, we’ll go back to business as usual, noice

It is pleasing to see that the damage done is less than we feared, perhaps after this realization more people will turn from bellicose to neutral in regards to Tether

don’t think smth terrible has happened with Bitfinex, the platform continues doing its’ job without any losses in volumes

A lot of preventing measures have to be taken to protect the market against future incidents of this kind – but it is a worthy investment, and I am certain that people from Bitfinex specifically would agree with that…

Bitfinex customers are still with them. We shouldn’t worry for company, there is no danger for it now

Bitfinex brings new possibilities to the customers and crypto in general, where’s the reason to distrust it?

Bitfinex wont take such responsibility right now but when the situation is calm why not – USDT deserves

I’m really scared for the coin which can become top-1, now the victim is Tether and if the situation cannot be changed I will have to leave crypto

Im hopeful that tether wont be harassed like that in the future, it would be absolutely horrible

Tether is a kind of father for the coins right now, stupid to deny that fact but the haters of the coin do it quite often

usdt situation is unpredictable, but they prove to be stable in performance, that’s why traders don’t lose interest to it.

oh, I thought Bitfinex wont stand its ground here but it did, maybe I actually underestimated those folks so I’ll need to look into them more now

im glad that bfx folks seem to be a smart bunch, they reacted to those recent issues in a most sensible way – not really going to change to this platform just yet, but I do like the way theyre going

Im glad that we’re close to being done with all this scandal shit, it was obvious from the getgo that its all a set-up and even though I dont care about Bfx, even they deserve better than this

I’m impressed by Bitfinex patience! It’s probably hard to stand this unreasonable blaming.

There are lots of claims about bfx – negative ones, I mean – and some of them are quite persuasive, but since the platform constantly keeps the users engaged with the new quality stuff like coins and releases, for now I’d rather stay here, yep

Tether kinda rose in my eyes through this crisis stuff, i mean the coin handled itself rly well, I didnt expect it to mount such a defense hm

I’m curious to see whatll be the next piece of news coming from Tether – hope it’ll be smth positive, i swear to god we had enough negativity in May already

if only I knew what was the premise for this whole clash between Bitfinex and the officials, I know its buried under tons of protection and misinformation but I still cant help being curious, that’s how I roll

waited for so long till the scndal ends, finally Bitfinex is accessible without hearing bad stuff about it from your friends

man I do hope that we’ll be able to rein in the media the next time, cuz even though Bitfinex managed to hold its ground during the trials, a weaker platform can get torn apart like that…

Bitfinex seems to have a lot of work ahead of it – the exchange may’ve mostly solved the issues related to that media incident, but it still can’t afford to relax, there is much to be done in the coming weeks

Nothing is against USDT proper performance. Even the court took their point. So why shouldn’t we trade with it then?

Tether’s been doing great after that crisis happened, its almost as if it got strengthened by those events, regardless of how strange it sounds

allegations were empty so Bitfinex got rid of them all and I must say it was done quite fast

Future seems to be shaping well for Bitfinex, with the case being finally resolved the platform can move forward in a more relaxed manner

May made us worry about a few things but i hope that the next month will be kinder to both us and bfx

Present abusing of Bitfinex is not reasonable. We have to stand it, but I already feel extremely irritated by it.

Tether kinda surpassed my expectations as of late, where does this coin find all this strength to press on? thats smth I can respect

Leave a Reply

Your email address will not be published. Required fields are marked *