Join me @ IBOtoolbox for free.
David Ogden
Member Since: 5/25/2012
  
performance / stats
Country: United Kingdom
Likes Received: 271
Featured Member: 2 times
Associates: 277
Wall Posts: 472
Comments Made: 384
Press Releases: 274
Videos: 104
Phone: +357 97727987
Skype:     seadogs11
profile visitor stats
TODAY: 98
THIS MONTH: 2175
TOTAL: 138398
are we ibo associates?
member advertising
active associates
Bob & Shirley Rushing    
Last logged on: 6/18/2019


Phil Schaefer    
Last logged on: 6/18/2019


Doug Blomstrom    
Last logged on: 6/18/2019


Brandon J Urquhart I    
Last logged on: 6/18/2019


Jimmy Diggs  
Last logged on: 6/18/2019


Marlena Burton    
Last logged on: 6/18/2019


Patricia Hudon     
Last logged on: 6/18/2019


Dorothy Allen    
Last logged on: 6/18/2019


Mark Turnbull    
Last logged on: 6/18/2019


Terri Pattio    
Last logged on: 6/18/2019


Stephen Porter     
Last logged on: 6/18/2019


Pierre Placide    
Last logged on: 6/18/2019


Robin Robinson    
Last logged on: 6/18/2019


Dominic Goss    
Last logged on: 6/18/2019


David Williams     
Last logged on: 6/18/2019


other ibo platforms
David Ogden   My Press Releases

Bitfinex Alleged Missing $850 Million Puts Pressure on Crypto Markets

Published on 4/27/2019
For additional information  Click Here

Bitcoin took an unexpected dive on markets overnight with pundits pointing at the New York State Attorney General’s investigations into a Bitfinex cover-up of missing Tether.

Major exchange Bitfinex allegedly attempted to cover missing funds totaling USD 850 million by raiding its Tether reserves in order to pay out customers. Between May 2015 and August 2016, Bitfinex was reportedly attacked by hackers who stole BTC 1,500 in 2015 and USD 72 million worth of Bitcoin in 2016.

The dent in the Tether cap was no mean figure according to stablecoins producer Paxos, suggesting that the dip into the funds would account for at least 27% in Tether’s dollar reserves. The news was not lost on the market causing a significant dip which is still trying to recover with Bitcoin dropping 6% at one stage.

The lawsuit refers back to previous messages from Bitfinex which indicates that all was not well as far back as August of 2018. The following message from a Panamanian payment processor to which it had transferred funds indicates the degree to which the exchange has found itself in deep water:

“THE SITUATION LOOKS BAD. WE HAVE MORE THAN 500 WITHDRAWALS PENDING AND THEY KEEP COMING IN … [T]OO MUCH MONEY IS PARKED WITH YOU AND WE ARE CURRENTLY WALKING ON A VERY THIN CRUST OF ICE.”

Further, the attorney general suggested that Bitfinex uses a network of money agents including “human being friends of Bitfinex employees that were willing to use their bank accounts to transfer money to Bitfinex clients”.

The actual investigation into Bitfinex has been ongoing over a period of months in its attempts to uncover if Bitfinex and Tether have impacted customers through fraudulent activity; an operation which involves the FBI and other US federal agencies.

Member Note: To comment on this PR, simply click reply on the owners main post below.
-  Copyright 2016 IBOsocial  -            Part of the IBOtoolbox family of sites.