“Bitfinex is not insolvent” – the exchange responses to recent online rumors

The rumors appeared in the internet that a crypto exchange Bitfinex is insolvent. On October 6, the Medium blog writer ProofofResearch published the article in which he wrote that Noble Bank (with which Bitfinex earlier worked) is currently insolvent and that customers can’t receive any of their fiat withdrawals from Bitfinex.

ProofofResearch also wrote that “it appears that there is not a single instance in which a customer ticket has actually been resolved by the team and in many cases, the tickets have gone completely unanswered”.

“The vast majority of Reddit threads created by user threads in the Bitfinex subreddit from customers that report not receiving their funds, have been deleted by the Bitfinex subreddit moderators”, – wrote ProofofResearch.

The next day Bitfinex published a response to recent online rumors.

“Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this. As one of only a very few exchanges operating since 2013, with a small team and low operating costs, we do not entirely understand the arguments that purport to show us to be insolvent without providing any explanation about why”, – wrote Bitfinex.

The exchange provided its wallets which represent a small fraction of Bitfinex cryptocurrency holdings and do not take into account fiat holdings of any kind.

Bitfinex wrote that both fiat and cryptocurrency withdrawals are functioning as normal. Verified Bitfinex users can freely withdraw Euros, Japanese Yen, Pounds Sterling and U.S. Dollars.

“Complications continue to exist for us in the domain of fiat transactions, as they do for most cryptocurrency-related organisations. However, we continue to do our utmost to minimise any waiting times associated with fiat deposits and withdrawals.”

The exchange adds that stories and allegations currently circulating mentioning an entity called Noble Bank have no impact on Bitfinex’ operations, survivability, or solvency.

“As always, we appreciate your continued support as we continue to service our customers and their needs in the digital token economy”, – wrote the exchange.

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