The Bitfinex quarterly report found new …
Bitfinex’s quarterly report reveals new details about the exchange’s relationship with Tether
The Bitfinex exchange, which recently announced that it is indeed associated with the issuer of cryptocurrency tokens USDT Tether, is back in the spotlight after a quarterly report for internal use hit the network. Writes about it Bitcoin.com.
In its report, if, of course, this is not someone’s fiction, Bitfinex reports: “Since April, the vast majority of Tether has been issued through Bitfinex. Since Bitfinex and Tether have a common origin and are jointly serviced by a bank, there are no time and volume restrictions on money transactions between these companies, even if the incoming and outgoing transfers for their customers are limited. Bitfinex keeps most of its clients’ dollar account balances in dollar bank accounts. Typically, Bitfinex holds less than 20 million Tethers for payments to customers. If the balance of this account approaches zero, Bitfinex transfers money (usually $ 20 million) from Bitfinex’s bank account to Tether’s bank account at the same bank in order to buy additional Tethers from Tether Limited. When this happens, money is credited (or debited) from the Bitfinex account and debited (or credited) to the Tether account “.
In the report, Bitfinex states that “the ongoing issuance of Tether is linked to demand from verified customers,” adding that in this case, “Bitfinex is simply acting as an aggregator of customer demand.”.
At the same time, they emphasize that the release of new Tethers has nothing to do with the dollar lending market, thus responding to accusations by Bitfinex’ed that Tether is issuing unsecured USDT tokens..
In connection with the latest events, Bitcointalk users raised a topic created back in 2014. In it, Giancarlo Devasini, widely regarded as the CFO of Bitfinex, calls a disgruntled client a “dumb bastard” and publishes his account details. In the same thread, Devasini answers the question of a user wondering if Bitfinex is developing a bot that will raise the bitcoin rate to 10,000.
“We are just working on this,” writes Devasini.
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