Can Bitfinex still be trusted?

[crabby]

Hi Everyone!

I just published a review of Bitfinex here: https://blog.shrimpy.io/blog/bitfinex-exchange-review

I would love to hear what you think. Can Bitfinex still be trusted? It has a long history of questionable decisions, hacks, and mystery.

[1714119234]

1714119234

[o_e_l_e_o]

A solid review of the shadiness, borderline scaminess, that is iFinex and Bitfinex. I think your final score of 3.3 is way too high, though.

I would have expanded the section about Tether a little. Not only did they loan themselves Tether to bail themselves out, but around the same time they also quietly changed the Tether Terms and Conditions from "Backed up 1-to-1 with USD" to "Backed up 1-to-1 with USD and other assets" to "Some of it is backed up by anything we want, including other cryptocurrencies and the interest on the loan we paid to ourselves". Essentially, they printed Tether out of thin air, loaned it to themselves, sold it for bitcoin to bail themselves out, then claimed the Tether is backed up by their future loan repayments to themselves. What a joke.

This behavior, followed by their IEO, leads to only one conclusion: They are insolvent and have been for some time. I would have given them a lower score, plus added the advice to withdraw any funds stored on their platforms and sell your Tether holdings as soon as possible.

[serantepe]

I have been trading at Bitfinex for some time now and I like working with short positions in this system.

[exstasie]

I would love to hear what you think. Can Bitfinex still be trusted? It has a long history of questionable decisions, hacks, and mystery.

Whales still swear by it. Even Mike Novogratz was found to be trading there not long ago. I'm very confident they aren't out to exit scam but the problem is more complex. They are being probed by the CFTC and DOJ, and the state of New York is pressing ahead with a civil case against them too. They also had nearly a billion dollars seized in an international law enforcement bust.

They were able to cover the insolvency with their IEO but they are one or two seizures/indictments/horrible PR stories away from total ruin. I would act accordingly.

[gentlemand]

Good summary.

I find the final score a little bit weird when most of it is a laundry list of incompetence and dishonesty. I suppose not terminally raping everyone, yet, counts to some people.

I truly thought that by this point Bitfinex would long since be a footnote. It's one of the final holdouts of crypto's amateurish phase. Maybe they realised that too so chose to burrow themselves into crypto's arse with Tether rather like a disease-spreading tick.

When every aspect of them has been pulled out and mashed up we'll finally be able to progress.

[mk4]

While Bitfinex got hacked in the past and they definitely did some really shady stuff with Tether(USDT), I think we should treat all exchanges almost the same- with the assumption that they will be hacked someday. With that said, I'd probably trust Coinbase Pro or Kraken significantly more compared to Bitfinex, as I doubt the Tether controversy wouldn't be their last shady move yet. The move they did with the IEO just to have funds to back the Tethers was just something else.

[serantepe]

While Bitfinex got hacked in the past and they definitely did some really shady stuff with Tether(USDT), I think we should treat all exchanges almost the same- with the assumption that they will be hacked someday. With that said, I'd probably trust Coinbase Pro or Kraken significantly more compared to Bitfinex, as I doubt the Tether controversy wouldn't be their last shady move yet. The move they did with the IEO just to have funds to back the Tethers was just something else.

Almost every cryptocurrency exchange during its existence is attacked by hackers and make fraudulent actions, this is not an indicator.

[gentlemand]

Almost every cryptocurrency exchange during its existence is attacked by hackers and make fraudulent actions, this is not an indicator.

Yes it is.

Places like Bitstamp and Poloniex have been hacked. No customers were expected to bail them out and they moved on from it without any outrages since.

It doesn't matter for some fuckhole like Yobit. It certainly does when an exchange and its offspring makes up a huge part of the market.

[o_e_l_e_o]

With that said, I'd probably trust Coinbase Pro or Kraken significantly more compared to Bitfinex

Coinbase Pro ranks high on my list of "services I wouldn't trust with a single Satoshi", alongside Bitfinex.

They are kind of like Facebook - they put on a good front, don't get me wrong, and they have plenty of users, but scratch the surface and it's clear they care only about profits, and will abuse their customers to no end to achieve that. They launched support for a bunch of altcoins that their shareholders were bag holding and dumped said trash on their userbase. They sold customers' data to third parties without their knowledge or consent, and offered no compensation when customers complained. They paired up with a company which manufacturers and sells surveillance software and equipment, including the ability to hack in to victims' microphones and cameras without their knowledge. Your coins may be slightly safer in Coinbase than they would be in Bitfinex, but that's hardly saying much. Your data, on the other hand, is likely in the hands of 20 different people before your account even gets verified on Coinbase.

I wouldn't touch Coinbase with seven proxies a 10 foot pole.

[bitbunnny]

Almost every cryptocurrency exchange during its existence is attacked by hackers and make fraudulent actions, this is not an indicator.

Yes it is.

Places like Bitstamp and Poloniex have been hacked. No customers were expected to bail them out and they moved on from it without any outrages since.

It doesn't matter for some fuckhole like Yobit. It certainly does when an exchange and its offspring makes up a huge part of the market.

I think that is important because it's an indicator how little some exchanges invest in security. And that also shows how (little) they care about their clients. For me that is all an indicator if I can or can't trust money to exchange and how trustworthy they are, how they handle with issues.

[1Referee]

And that also shows how (little) they care about their clients.

Bitfinex cares not a single bit about their users, but seeing how people still use that exchange, they don't seem to care about themselves either. One must be some kind of a special person to still use Bitfinex after everything that happened. We're not just talking about an incident or two, but multitudes of incidents.

Smart money has left Bitfinex a long time ago. The whales who usually terrorized their orderbook are nowhere to be seen. They took their money off that exchange because they no longer trust it. Follow what the smart money is doing and stop using that exchange. Not that difficult with how many capable alternatives we have today.

[malevolent]

Hi Everyone!

I just published a review of Bitfinex here: https://blog.shrimpy.io/blog/bitfinex-exchange-review

I would love to hear what you think. Can Bitfinex still be trusted? It has a long history of questionable decisions, hacks, and mystery.

IIRC, Bitcoinica wasn't hacked twice, but thrice

The founder's involvement as a passthrough for Pirateat40/Trendon Shaver's ponzi scheme also shouldn't have been left umentioned: https://archive.is/I8WzL#selection-3491.0-3491.51

And afaik the owners admitted to trading on their own exchange, you can search google for the recordings.

[RealMalatesta]

Aside security which I don’t use as criteria to judge exchanges that much because the security of our money and our wallet is right there in our hands, there are rules governing the storage of money on exchanges wallet and I think if we abide by tat rule, we should be able to secure our own coin. Bitfiniex has been a very good exchanges and I think that they have never had any issue with their customers, they might be operating silently, but they are really gaining much recognition a lot.

I have use them severally, I mean severally because the two exchanges that I use most now Is bitfiniex and Binance, and I have never found them wanting of anything. There trades has almost been going on smooth, so as Binance too until the scammer came to disrupt its services temporarily.

[befriendmywater]

Hi Everyone!

I just published a review of Bitfinex here: https://blog.shrimpy.io/blog/bitfinex-exchange-review

I would love to hear what you think. Can Bitfinex still be trusted? It has a long history of questionable decisions, hacks, and mystery.

It's really not worth being trusted. because so many traders condemn bitfinex for maintaining exchanges regularly and often cause long and short kills (about margin trading).
Professional traders also have to fall into their trap because they are the largest exchange for margin trading.
I suppose they are working with some sharks to take traders' money.

[davis196]

Hi Everyone!

I just published a review of Bitfinex here: https://blog.shrimpy.io/blog/bitfinex-exchange-review

I would love to hear what you think. Can Bitfinex still be trusted? It has a long history of questionable decisions, hacks, and mystery.

OP,I think that this thread should be moved to the "Exchanges" forum board.After all,your are promoting your review article about a crypto exchange platform.
The simple answer is NO and I don't have to read your review in order to answer you.We shouldn't trust ANY crypto exchange platform,not just Bitfinex.It doesn't matter how big it is and it doens't matter how many positive reviews there are posted online about the exchange website.

[FlipPoint]

Hi Everyone!

I just published a review of Bitfinex here: https://blog.shrimpy.io/blog/bitfinex-exchange-review

I would love to hear what you think. Can Bitfinex still be trusted? It has a long history of questionable decisions, hacks, and mystery.

Hi. I see you've done a good work. Your review was very informative. The more truthful and honest reviews of exchanges, the better it will be for the community. If you wrote your review of Bitfinex here: https://revain.org/exchanges/bitfinex, you could get a reward for that. All work must be paid. Work on the creation of reviews including. Of course, if the review is of good quality and deserves it.

 

[serantepe]

Almost every cryptocurrency exchange during its existence is attacked by hackers and make fraudulent actions, this is not an indicator.

Yes it is.

Places like Bitstamp and Poloniex have been hacked. No customers were expected to bail them out and they moved on from it without any outrages since.

It doesn't matter for some fuckhole like Yobit. It certainly does when an exchange and its offspring makes up a huge part of the market.

This is what I'm talking about, but today I use Poloniex with pleasure just diversify my assets to separate exchanges.

[alan2here]

While Bitfinex got hacked in the past and they definitely did some really shady stuff with Tether(USDT), I think we should treat all exchanges almost the same- with the assumption that they will be hacked someday. With that said, I'd probably trust Coinbase Pro or Kraken significantly more compared to Bitfinex, as I doubt the Tether controversy wouldn't be their last shady move yet. The move they did with the IEO just to have funds to back the Tethers was just something else.

Hacking problems almost always occur at all major exchanges and this is not the first time that Bitfinex has been hacked because in the past there have been many other hacking attacks so this exchange should not be a safe choice in investment . In addition, a lot of news related to Tether makes this exchange more and more dangerous because they can print money freely without anyone having control. I personally don't like this because it will greatly affect this market in the future

[serantepe]

Hi Everyone!

I just published a review of Bitfinex here: https://blog.shrimpy.io/blog/bitfinex-exchange-review

I would love to hear what you think. Can Bitfinex still be trusted? It has a long history of questionable decisions, hacks, and mystery.

I used to trade Bitfinex but many days ago I left Bitfinex because I don't feel better to trade there. I didn't like their trading interface. Yes, there is no issue about withdrawal but I can't feel good to trade mostly their trading features. I think Kucoin is more good than the Bitfinex trading platform. However, choice is a personal matter. But I shall say, we need the best trading platform for our fund safety.

Their trading interface is hard for newbies but maybe you just didn't use Kraken before.

[dothebeats]

You have been to kind with Finex for giving them a rating of 3.3. After all the shady stunts they have pulled off to the majority of their users in a span of a year, I don't think they even deserve to have a rating of 1 at all, and that's from a point-of-view of someone who used the said service during my vacation in the US just 3 months back. CS replies are extremely infuriating, mostly just copy-pasted texts without any real emotion or tone of at least some concern and genuine help. I haven't been scammed, but man, if you see the long list of those they screwed up even in just a few months, idk, you might change your mind with  that rating honestly.