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Author Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading  (Read 711605 times)
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gentlemand
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April 25, 2019, 10:43:34 PM
 #7081

That doesn’t look good.

Sure don't, but it looks like the killer blow was landed by them trusting some other scum bags with most or all of their fiat. It looks like they were a sound operation until that happened. They don't seem to have a very good track record with third parties a la Bitgo and their hack.

It seems Tether was solid. Bitfinex's attempts to plug yet another theft screwed it from the bottom up. Maybe that's when they adjusted the terms of its backing to 'nice things' rather than dollars.

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April 25, 2019, 11:45:04 PM
Last edit: April 25, 2019, 11:57:59 PM by Quickseller
 #7082

That doesn’t look good.

Sure don't, but it looks like the killer blow was landed by them trusting some other scum bags with most or all of their fiat. It looks like they were a sound operation until that happened. They don't seem to have a very good track record with third parties a la Bitgo and their hack.

It seems Tether was solid. Bitfinex's attempts to plug yet another theft screwed it from the bottom up. Maybe that's when they adjusted the terms of its backing to 'nice things' rather than dollars.
It looks like they were desperate to be able to transact in fiat and entrusted perhaps all their USD to a random entity.

I have long wondered why bitfinex has had such a hard time maintaining banking relationships when other exchanges haven't had this trouble. Maybe it is because they allow for anon accounts.  

edit:

It looks like some of the stolen coins from August 2016 are on the move today: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This could be a good opportunity for the Aug hacker to sell back the coins since bitfinex is in need of money

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April 27, 2019, 12:09:33 AM
Last edit: April 27, 2019, 12:21:50 AM by gentlemand
 #7083

I have long wondered why bitfinex has had such a hard time maintaining banking relationships when other exchanges haven't had this trouble. Maybe it is because they allow for anon accounts.  

To go more legit they'd have to reveal more about their ownership, structure and finances and they have never shown any inclination to do that. They seem to have adopted the policy of having burner accounts rather than trying to cultivate any ongoing relationships. If they took the time to listen to what a bank wants from them rather than wading in and raping it until they're closed they might have gotten somewhere. The present situation is the culmination of that.

This is the email they sent out today.



Dear Bitfinex trader,

By now, you may be aware of the events of the last 48 hours, but I want to personally give you an update on what has happened and how we are proceeding as a business.

On Wednesday, April 24th, the New York Attorney General’s office filed a petition and related documents in the NY State Supreme Court in Manhattan concerning Bitfinex and Tether. We believe the petition was based on understandings and materials received by the New York Attorney General’s office both from us and from other sources. Indeed, we had, until just yesterday, been co-operating fully with the New York authorities in their inquiries into and about our business. The petition and other materials were filed without notice to us or a chance to respond to them.

The materials, which do not constitute a civil or criminal complaint are, in our view, filled with inaccuracies and false assertions. In particular, we want to assure you that the allegation that we have “lost” $850 million is categorically false. We have been advised that these amounts – whether in whole or in substantial part – are, in fact, seized and safeguarded in several jurisdictions, including Poland, Portugal, the United Kingdom, and the United States. We are actively working to exercise our rights and remedies to cause those funds to be released. We are confident in our ability to make clear, coherent, and convincing arguments to recover those funds. And rest assured that we will vigorously challenge the false assertions made by the New York Attorney General’s office in their filing.

I am here to tell you that we are good actors in the digital token space, and we always act with you, the customer, as our first priority. We have always taken our legal obligations very seriously, and will continue to do so. We continue to co-operate with regulators worldwide as they seek to learn more about our business. But we will not allow that spirit of co-operation and goodwill to be used to threaten our customers.

In the days ahead, you may have questions that arise, and we encourage you to share them with me or other members of the senior management team. We will update you as and when we can and we will address as many of your concerns and questions as we can.

We have been humbled and encouraged by the support we have seen from our customers and wider community in the face of these allegations. We are here to assure you we’re as strong as ever, we are not going anywhere, and we’re unwaveringly committed to you.

Thanks and best regards, Jean Louis van der Velde CEO

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April 27, 2019, 03:20:15 AM
 #7084

In particular, we want to assure you that the allegation that we have “lost” $850 million is categorically false. We have been advised that these amounts – whether in whole or in substantial part – are, in fact, seized and safeguarded in several jurisdictions, including Poland, Portugal, the United Kingdom, and the United States. We are actively working to exercise our rights and remedies to cause those funds to be released. We are confident in our ability to make clear, coherent, and convincing arguments to recover those funds.

I don't know about other countries, but over a year has passed since Polish authorities have frozen $371M of Bitfinex's money due to an ongoing international criminal drug money laundering investigation. 'We have been advised' means they don't know much and aren't in control of the situation. Years may pass before they get the money back, sans the drug money portion.

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April 27, 2019, 10:17:16 AM
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 #7085

I don't know about other countries, but over a year has passed since Polish authorities have frozen $371M of Bitfinex's money due to an ongoing international criminal drug money laundering investigation. 'We have been advised' means they don't know much and aren't in control of the situation. Years may pass before they get the money back, sans the drug money portion.

Funny how on top they can be about 'compliance' but when it comes to the people they choose to entrust vast amounts of money to they'll jump into the arms of the first sweet talker who'll come along.

The quotes from that court document are pitiful. Someone with a silly name pleading for $100 MILLION of their own dollars on Telegram from someone else with a silly name like it's a fucking CSGO skin or something.

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April 27, 2019, 02:41:29 PM
Last edit: April 27, 2019, 03:14:53 PM by mayax
 #7086

https://www.wsj.com/articles/bitfinex-used-tether-reserves-to-mask-missing-850-million-probe-finds-11556227031?mod=rsswn

https://www.theblockcrypto.com/2019/04/25/ny-attorney-general-sues-bitfinex-and-tether/

Not the greatest look but perhaps this means the Ifinex cancer will finally be sliced out. It's one of the very last holdouts of the scum phase of BTC's early days. Sad that it may turn out to be one of the biggest piss takes of all as well.
That doesn’t look good.

it doesn’t look good ? really?Huh?      

you always said that Bitfinex is a legit company. who is the "mad" now, Quickseller ? Smiley

I warned about them since years ago.  Bitfinex is/was not a licensed company and they will be closed/seized.

Anyway, the Bitfinex responce is so fk funny :

"...in particular, we want to assure you that the allegation that we have “lost” $850 million is categorically false. We have been advised that these amounts – whether in whole or in substantial part – are, in fact, seized and safeguarded in several jurisdictions, including Poland, Portugal, the United Kingdom, and the United States"      Cheesy Cheesy Cheesy Cheesy Cheesy

In short: Dear Sirs, we did not lose $850M, they were just seized by law enforcement in various countries. Okay, we can't have access to them, so it's just as if we had lost them, but words are important.    LOL

why won't a group(Bitfinex) that describes itself as a good corporate citizen and a strong supporter of law enforcement get regulated?
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April 27, 2019, 04:02:28 PM
 #7087

https://www.wsj.com/articles/bitfinex-used-tether-reserves-to-mask-missing-850-million-probe-finds-11556227031?mod=rsswn

https://www.theblockcrypto.com/2019/04/25/ny-attorney-general-sues-bitfinex-and-tether/

Not the greatest look but perhaps this means the Ifinex cancer will finally be sliced out. It's one of the very last holdouts of the scum phase of BTC's early days. Sad that it may turn out to be one of the biggest piss takes of all as well.
That doesn’t look good.

it doesn’t look good ? really?Huh?     

you always said that Bitfinex is a legit company. who is the "mad" now, Quickseller ? Smiley

I warned about them since years ago.  Bitfinex is/was not a licensed company and they will be closed/seized.

Anyway, the Bitfinex responce is so fk funny :

"...in particular, we want to assure you that the allegation that we have “lost” $850 million is categorically false. We have been advised that these amounts – whether in whole or in substantial part – are, in fact, seized and safeguarded in several jurisdictions, including Poland, Portugal, the United Kingdom, and the United States"      Cheesy Cheesy Cheesy Cheesy Cheesy

In short: Dear Sirs, we did not lose $850M, they were just seized by law enforcement in various countries. Okay, we can't have access to them, so it's just as if we had lost them, but words are important.    LOL

why won't a group(Bitfinex) that describes itself as a good corporate citizen and a strong supporter of law enforcement get regulated?
If you are claiming to be right, I would say that a broken clock is correct for two minutes every day.

What happened to bitfinex does not at all match what you were saying.

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April 27, 2019, 04:36:07 PM
 #7088

https://www.wsj.com/articles/bitfinex-used-tether-reserves-to-mask-missing-850-million-probe-finds-11556227031?mod=rsswn

https://www.theblockcrypto.com/2019/04/25/ny-attorney-general-sues-bitfinex-and-tether/

Not the greatest look but perhaps this means the Ifinex cancer will finally be sliced out. It's one of the very last holdouts of the scum phase of BTC's early days. Sad that it may turn out to be one of the biggest piss takes of all as well.
That doesn’t look good.

it doesn’t look good ? really?Huh?      

you always said that Bitfinex is a legit company. who is the "mad" now, Quickseller ? Smiley

I warned about them since years ago.  Bitfinex is/was not a licensed company and they will be closed/seized.

Anyway, the Bitfinex responce is so fk funny :

"...in particular, we want to assure you that the allegation that we have “lost” $850 million is categorically false. We have been advised that these amounts – whether in whole or in substantial part – are, in fact, seized and safeguarded in several jurisdictions, including Poland, Portugal, the United Kingdom, and the United States"      Cheesy Cheesy Cheesy Cheesy Cheesy

In short: Dear Sirs, we did not lose $850M, they were just seized by law enforcement in various countries. Okay, we can't have access to them, so it's just as if we had lost them, but words are important.    LOL

why won't a group(Bitfinex) that describes itself as a good corporate citizen and a strong supporter of law enforcement get regulated?
If you are claiming to be right, I would say that a broken clock is correct for two minutes every day.

What happened to bitfinex does not at all match what you were saying.

I said that they are NOT a licensed company for the financial operations that they are doing. I said that they are manipulating the price and they are making frauds. Which one doesn't match? Smiley

Of course, I am not expecting for a shill with "Trust: -8178" to admit that.
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April 27, 2019, 04:40:10 PM
 #7089

Fuck the Fiat, at least they didn't steal seize the BTC as more Dumping Ammo.

I bet it goes up TPTB arses that they can't. Cheesy

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April 27, 2019, 04:46:04 PM
 #7090

Fuck the Fiat, at least they didn't steal seize the BTC as more Dumping Ammo.

I bet it goes up TPTB arses that they can't. Cheesy

fiat is all it matters.  Grin

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April 27, 2019, 06:42:27 PM
 #7091


I said that they are manipulating the price and they are making frauds.

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April 28, 2019, 01:45:51 AM
 #7092

damn
THAT escalated quickly eh? :/
while i can agree that alot of that 850 mil has been in gov seizure a long time b4 this, they still have im sure ALOT of uncounted for stuff
this was expected.
this isn't 2015 anymore, you can't run an exchange without following proper KYC laws...

ugh

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April 29, 2019, 04:29:30 PM
 #7093

So Bitfinex lost 850 Million (seized).
We know the total marketcap is fake numbers. If the masses use exchanges to withdrawal to fiat those exchanges will shutter due to lack of real usd money hence why this is a ponzi of a system that can t sustain
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April 30, 2019, 10:25:38 AM
 #7094

you can't run an exchange without following proper KYC laws...

Customers' integrity isn't the issue here, we're talking about the integrity of the exchange (or the people managing the exchange).

I wish you could buy and sell BTC at a bank, or in some good old-fashioned brick and mortar store.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
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April 30, 2019, 12:02:15 PM
 #7095

https://bitcoinexchangeguide.com/new-report-ousts-bitfinexs-plans-of-raising-1-billion-in-bizarre-initial-exchange-offering/

Bitfinex are planning to do an IEO according to a fella who's had plenty of dealings with them. My money will be remaining in my own pocket, ta.



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April 30, 2019, 12:40:31 PM
 #7096

https://bitcoinexchangeguide.com/new-report-ousts-bitfinexs-plans-of-raising-1-billion-in-bizarre-initial-exchange-offering/

Bitfinex are planning to do an IEO according to a fella who's had plenty of dealings with them. My money will be remaining in my own pocket, ta.



Thr author doesn’t appear to understand the plan. The plan, if real, would be to sell equity in either Bitfinex, tether or both and use the proceeds to repay the loan from tether.

I have no idea if the report is true or not.

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April 30, 2019, 12:49:39 PM
 #7097

The author doesn’t appear to understand the plan. The plan, if real, would be to sell equity in either Bitfinex, tether or both and use the proceeds to repay the loan from tether.

I have no idea if the report is true or not.

Also reported from Coindesk but it looks like it's from the same source ultimately - https://www.coindesk.com/bitfinex-is-planning-to-issue-an-exchange-token-shareholder-says

I would've thought a concerted and transparent plan regarding getting the supposedly seized money back would be healthier, but there's no point in expecting that from them.

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May 01, 2019, 05:42:00 AM
 #7098

https://bitcoinexchangeguide.com/new-report-ousts-bitfinexs-plans-of-raising-1-billion-in-bizarre-initial-exchange-offering/

Bitfinex are planning to do an IEO according to a fella who's had plenty of dealings with them. My money will be remaining in my own pocket, ta.

i've read a couple articles about this and i'm confused. an IEO for what exactly?

is it basically a revamp of their 2016 scheme---issue BFX tokens that represent shareholder equity in ifinex, then sell those tokens in order to pay off the $850m losses? they figure it worked in 2016 so why not now, right?

so what happens the next time a half billion dollars gets frozen? they'll just keep issuing tokens? sounds legit......

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May 01, 2019, 10:57:03 AM
 #7099

is it basically a revamp of their 2016 scheme---issue BFX tokens that represent shareholder equity in ifinex, then sell those tokens in order to pay off the $850m losses? they figure it worked in 2016 so why not now, right?

I think that's it. I've never bothered to follow up on previous token type things. I presume they performed adequately enough to satisfy the weirdos who bought them. Presumably that poos all over multiple securities laws but in for a penny, in for a pound.

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May 01, 2019, 06:43:07 PM
Last edit: May 08, 2019, 02:56:01 AM by Quickseller
 #7100

https://bitcoinexchangeguide.com/new-report-ousts-bitfinexs-plans-of-raising-1-billion-in-bizarre-initial-exchange-offering/

Bitfinex are planning to do an IEO according to a fella who's had plenty of dealings with them. My money will be remaining in my own pocket, ta.

i've read a couple articles about this and i'm confused. an IEO for what exactly?

is it basically a revamp of their 2016 scheme---issue BFX tokens that represent shareholder equity in ifinex, then sell those tokens in order to pay off the $850m losses? they figure it worked in 2016 so why not now, right?

so what happens the next time a half billion dollars gets frozen? they'll just keep issuing tokens? sounds legit......
If the basic facts in the articles are correct, they are raising money by selling equity. Current owners will end up with less percentage of the company.

On net, the customers are not affected because they can receive the total amount they have in deposit.

Binance was hacked multiple times last year, loosing a billion dollars plus and used reserves to cover the losses. I am having trouble finding a link to support this. I believe it was late 2017 or early 2018

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