Bitfinex - FRAUD, price manipulation, fake transactions

[Hydrogen]

Market manipulation, statistical exaggeration and outright lies are so rampant in the finance/investment industry.

China constructs entire cities which no one lives in (lookup: china's ghost cities) to artificially inflate their GDP. The same principle applies here if crypto exchanges are spoofing to artificially inflate btc market cap. Its not necessarily news, every country manipulates statistics, definitions and other variables to make things look better than they actually are.

Even north korea is known to exaggerate the range of its nukes to artificially inflate how much of a threat they are.

The truth is, everyone in finance/economics/real/estate/whatever does this. Its like how some people exaggerate their height or size of their penis on the internet. Except its done at the highest levels.

[illinest]

Uh.
This does not look too good:
https://steemit.com/crypto-news/@cryptoblood/new-bitfinex-exchange-coming-all-things-ethereum

Everybody seems to be quietly ignoring the fact that 4-5 months later, Bitfinex doesn't have fiat deposit/withdrawals. Its BTCUSD market is completely fabricated at this point. They keep adding shitcoins to distract from it. Now they are adding an entire shitcoin exchange to distract from it. As long as the crypto bubble continues, it seems like they'll get away with it, too.

Until you consider: Why has the entire banking system blacklisted Bitfinex? Could there be something larger at play?

Then, when you consider that Tether is owned by Bitfinex' parent company (large outstanding liabilities to major exchanges like Kraken, Poloniex, Bittrex), you come to realize..... if shit hits the fan at Bitfinex, this is going to have rippling effects through the economy.

They probably have the SEC investigating them for their debt security scheme (they issued them to US customers and let them sell on the open market). And like BTC-E, they are an unlicensed MSB. That they are seemingly permanently cut off from the banking system should be worrying for people.

[bitbunnny]

Things like this put the bad light on Bitcoin and other cryptocurrencies. It makes you also wonder if there is any completely legit and secure Bitcoin service that sooner or later isn't involved or is suspicious to be involved in some shady operations. News like this make me sad and worried.

[Slark]

This makes me sad, whats worrying is that it gives cryptos a bad name. However I dont think the spoofing as mentioned in the article is technically illegal for crypto trading.

If you know what is happening behind the scenes of standard 'regulated' stock exchange you would be shocked.
So you think that crypto manipulation is something immoral or illegal? On the contrary, stock, bonds and assets are the best way to make 'money out of nothing'
Banksters and Wall Steet brokers have perfected the art of cheating to the point that no one will be able to tell where millions of od dollars went.

[maeusi]

Trading on cryptocurrencies is not regulated. So price manipulation is easier as in regulated markets. I think, that fact is independent from exchanger. Nevertheless, I am not in favor of regulating the markets and abandoning the freedom of action. If you don't want to loose your whole money, you should not risk all for trading and not trust only one exchanger. It is better to devide to several services.

[mayax]

Uh.
This does not look too good:
https://steemit.com/crypto-news/@cryptoblood/new-bitfinex-exchange-coming-all-things-ethereum

Everybody seems to be quietly ignoring the fact that 4-5 months later, Bitfinex doesn't have fiat deposit/withdrawals. Its BTCUSD market is completely fabricated at this point. They keep adding shitcoins to distract from it. Now they are adding an entire shitcoin exchange to distract from it. As long as the crypto bubble continues, it seems like they'll get away with it, too.

Until you consider: Why has the entire banking system blacklisted Bitfinex? Could there be something larger at play?

Then, when you consider that Tether is owned by Bitfinex' parent company (large outstanding liabilities to major exchanges like Kraken, Poloniex, Bittrex), you come to realize..... if shit hits the fan at Bitfinex, this is going to have rippling effects through the economy.

They probably have the SEC investigating them for their debt security scheme (they issued them to US customers and let them sell on the open market). And like BTC-E, they are an unlicensed MSB. That they are seemingly permanently cut off from the banking system should be worrying for people.

@illinest, a great point. it seems there are still people with brain on this forum. you should post more and maybe the sheep will read....and understand what you are saying.

[gentlemand]

Until you consider: Why has the entire banking system blacklisted Bitfinex? Could there be mething larger at play?

It's the banking system blacklisting Taiwan, not Bitfinex. Taiwanese regulation has been exceedingly slack which is why BFX lost their international banking, as did other places such as Okcoin.com's USD.

That slackness is exactly what attracted Bitfinex and OKcoin in the first place. Now it's being punished by international intermediaries who don't want the ball ache.

It's explained here - http://us3.campaign-archive2.com/?u=db45c09bdf20e1866bb32123f&id=e23b33309e

[iluvpie60]

I can see poloniex being next on the hitlist.

Sad to say it but they are going down that road unfortunately.

Bittrex looks to be the only one to trust with the way they handled the whole bitcoin cash distribution to all their loyal customers at this point and time.

I would love to see POLO go under. Their customer service has been absolutely terrible. I would have to think for an average that they are just losing tons of money. I almost lost all my LTC there.

took them 30 days to finally send it to me, even though i told them to cancel the transactioin. i was sending from one exchange to another and the recieving address might change in 30 days. Told them to cancel and let me reiniiaite it, but they decided to just send it. I could have lost that all... they are messed up at POLO.

We just need more services like shapeshift and will be fine. Echanges only  exist for greed mostly.

[CrewKitten]

I can see poloniex being next on the hitlist.

Sad to say it but they are going down that road unfortunately.

Bittrex looks to be the only one to trust with the way they handled the whole bitcoin cash distribution to all their loyal customers at this point and time.

I would love to see POLO go under. Their customer service has been absolutely terrible. I would have to think for an average that they are just losing tons of money. I almost lost all my LTC there.

took them 30 days to finally send it to me, even though i told them to cancel the transactioin. i was sending from one exchange to another and the recieving address might change in 30 days. Told them to cancel and let me reiniiaite it, but they decided to just send it. I could have lost that all... they are messed up at POLO.

We just need more services like shapeshift and will be fine. Echanges only  exist for greed mostly.

Everyone and their mother are talking about Poloniex problems this month. I say very soon they will go down and anyone who did not withdraw their funds in this month are an absolute fool.

[gentlemand]

Everyone and their mother are talking about Poloniex problems this month. I say very soon they will go down and anyone who did not withdraw their funds in this month are an absolute fool.

Alt fever and volumes are long gone. They roped in their own grandmothers to do the support tickets and verification yet they're worse than ever?

That's not a very encouraging sign.

[wearepoor]

I saw spoofing today or boxing in other term live and yes its frustrating. They set up walls, big ones, fake ones, restricting or moving prices by influence.

I actually mentioned it to the exchange and one wall came down in minutes.

Bitcoin CAN and WILL go UP and DOWN by spoofing, a big one is coming, they need their profits after all. I predict anytime now BTC starts to drop hundreds of dollars at a time day after day.

Why bother trading if you are not going to take profit, right.

I sold and am on cash for now, price will drop because big spoofers say so.

This is a really sad to know about this manipulation; if any big scam is in progress and the exchanges are involved in it, then one day this artificial balloon will be blast and the bitcoin price will hit the bottom. People will loose the trust and there will be very difficult phase for the survival of bitcoins.

[mayax]

I saw spoofing today or boxing in other term live and yes its frustrating. They set up walls, big ones, fake ones, restricting or moving prices by influence.

I actually mentioned it to the exchange and one wall came down in minutes.

Bitcoin CAN and WILL go UP and DOWN by spoofing, a big one is coming, they need their profits after all. I predict anytime now BTC starts to drop hundreds of dollars at a time day after day.

Why bother trading if you are not going to take profit, right.

I sold and am on cash for now, price will drop because big spoofers say so.

This is a really sad to know about this manipulation; if any big scam is in progress and the exchanges are involved in it, then one day this artificial balloon will be blast and the bitcoin price will hit the bottom. People will loose the trust and there will be very difficult phase for the survival of bitcoins.

that's why I am saying that the unregulated exchangers are a plague. their greedy will make you lose your funds and BTC will collapse. don't use unregulated exchangers anymore and the BTC market will be clean and smoothly

[Anarchist]

Come on! What is wrong with price manipulation huh? we have to embrace that because we don't have any choice but to utilize exchanges. What you have to do is to take advantage of it, buy every time that price goes down.

Man, you have to ride the waves! that what makes our thing fun! this game is for the strong (strong hands) 

Specially when the bank do the same  2 years ago the BNP was charged with acts of manipulation, execution of false orders and collusion, as part of an investigation into a form of "cartel" exchange for several banks

[MAbtc]

Until you consider: Why has the entire banking system blacklisted Bitfinex? Could there be mething larger at play?

It's the banking system blacklisting Taiwan, not Bitfinex. Taiwanese regulation has been exceedingly slack which is why BFX lost their international banking, as did other places such as Okcoin.com's USD.

That explanation worked for the first month or two. But Bitfinex announced months ago that they moved nearly all of their fiat money outside of Taiwan. Why are they still unable to process outgoing bank wires to their clients? The reason for that is -- at a minimum -- being blacklisted by Wells Fargo and all its correspondent banks (virtually the entire USD banking system). One has to wonder whether this was done at the behest of the US government.

Someone above suggested that US federal agencies may be up to something regarding Bitfinex. The conspiracy theorist in me thinks that the BTC-e indictment (filed in January 2017) and Bitfinex being cut off from the banking system (March 2017) are part of a larger operation targeting unregulated exchanges.

[gentlemand]

That explanation worked for the first month or two. But Bitfinex announced months ago that they moved nearly all of their fiat money outside of Taiwan. Why are they still unable to process outgoing bank wires to their clients? The reason for that is -- at a minimum -- being blacklisted by Wells Fargo and all its correspondent banks (virtually the entire USD banking system). One has to wonder whether this was done at the behest of the US government.

Someone above suggested that US federal agencies may be up to something regarding Bitfinex. The conspiracy theorist in me thinks that the BTC-e indictment (filed in January 2017) and Bitfinex being cut off from the banking system (March 2017) are part of a larger operation targeting unregulated exchanges.

As long as every customer got out intact I would regard the demise of the people involved in Bitfinex as exceedingly good news for crypto.

There should only be two types of exchanges, fully regulated or properly decentralised P2P.

The third way, centralised and unregulated, delivered us Gox, Cryptsy, Mintpal, Bitfinex, BTER and god knows how many others.  

Even if the operators of these places are competent and not thieves, they'll get raped by the authorities eventually.

[illyiller]

That explanation worked for the first month or two. But Bitfinex announced months ago that they moved nearly all of their fiat money outside of Taiwan. Why are they still unable to process outgoing bank wires to their clients? The reason for that is -- at a minimum -- being blacklisted by Wells Fargo and all its correspondent banks (virtually the entire USD banking system). One has to wonder whether this was done at the behest of the US government.

Someone above suggested that US federal agencies may be up to something regarding Bitfinex. The conspiracy theorist in me thinks that the BTC-e indictment (filed in January 2017) and Bitfinex being cut off from the banking system (March 2017) are part of a larger operation targeting unregulated exchanges.

As long as every customer got out intact I would regard the demise of the people involved in Bitfinex as exceedingly good news for crypto.

Long term, yes. As much as I like the idea of fast, reliable non-KYC centralized exchanges, they are not sustainable.

If the SEC/CFTC (or worse) shuts down the exchange, any funds seized would be tied up for years. And like Gox, after legal expenses, customers would get a small percentage of their funds back. And it seems very unlikely that customers would escape fully intact. As mentioned, Bitfinex and Tether are one and the same. There are many hundreds of millions of USDT held as obligations by other exchanges. It's very possible that the shutdown of Bitfinex could cause massive losses to USDT holders across the ecosystem, as it would instantly lose all its value.

[gentlemand]

Long term, yes. As much as I like the idea of fast, reliable non-KYC centralized exchanges, they are not sustainable.

If the SEC/CFTC (or worse) shuts down the exchange, any funds seized would be tied up for years. And like Gox, after legal expenses, customers would get a small percentage of their funds back. And it seems very unlikely that customers would escape fully intact. As mentioned, Bitfinex and Tether are one and the same. There are many hundreds of millions of USDT held as obligations by other exchanges. It's very possible that the shutdown of Bitfinex could cause massive losses to USDT holders across the ecosystem, as it would instantly lose all its value.

Yup. But the red flags have been getting redder by the day for years on end when it comes to that crew.

It must be a case of when not if. No doubt the entire market will take a huge hit but if people aren't personally out of anything they're involved in by then I'm going to struggle to have any sympathy for them. 

[shield132]

Things like this put the bad light on Bitcoin and other cryptocurrencies. It makes you also wonder if there is any completely legit and secure Bitcoin service that sooner or later isn't involved or is suspicious to be involved in some shady operations. News like this make me sad and worried.

Yes, it's really hard to find trustworthy exchanger. Usually they are like Big Players and sincr they are very known, are using their possibilities and manipulate price as they are able to do. By the way I trust a little to US based exchangers, there is no doubt that they are lying less than other country based exchangers. I think this situation won't be fixed.

[countryfree]

I'm dreaming people would stick to facts instead of saying BS.

The whole thing behind this topic is this:

According to author “Bitcrypto’d,” there is a high likelihood that Bitfinex itself is spoofing the entire market place.

There isn't any proof of any wrong doing. Just one guy saying there could be something...

[mayax]

I'm dreaming people would stick to facts instead of saying BS.

The whole thing behind this topic is this:

According to author “Bitcrypto’d,” there is a high likelihood that Bitfinex itself is spoofing the entire market place.

There isn't any proof of any wrong doing. Just one guy saying there could be something...

haha. nice shill and a legendary one  

it's not only "one gue saying" . I am saying that since years ago !   The exchangers have fake volumes just to appear "big" and to manipulate the market.

99% from exchangers are spoofing and having fake volumes and you come to say that it's not true. OK ! LOL

Bitfinex is an unregulated shit exchanger like BTC-e, Poloniex, Kraken, all the chinese exchangers and so on. these have fake volumes and they manipulate the market as they want. is this correct for traders that a shit exchanger can dispose of funds as it wants?

don't come with "it's a free market" . a free market doesn't mean to fraud your client, to steal from him and so on.