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Bitfinex

$39M of Bitcoin Stolen in 2016 Bitfinex Hack Is on the Move

Some of the 119,756 Bitcoin that was stolen from crypto exchange Bitfinex in 2016 has started moving again. According to a series of tweets posted by Whale Alert on July 27-28, wallet addresses known to be associated with one of the largest breaches ever of a crypto exchange moved 3503 Bitcoin (BTC) — worth roughly $38.7 million — over 12 transactions. The largest individual movement was of 476.32 BTC, or approximately $5.2 million, while the...

Bittrex and Poloniex Targeted in Class-Action Crypto Manipulation Suit

The plaintiffs behind a class-action alleging that Bittrex and Tether drove the 2017 bull run through market manipulation have requested the issuance of summons to exchanges Bittrex and Poloniex. The lawsuit, first filed in October 2019, alleges that veteran cryptocurrency exchange Bitfinex and its sister company Tether inflated the supply of Tether’s USDT stablecoin without proper US dollar backing to drive up crypto prices during 2017’s all-time high. The suit is on behalf of...

Crypto Exchanges Made a Killing During the Ides of March

While March 2020 has been one of the most volatile and unprofitable months for Bitcoin holders, exchanges have benefited greatly from this uncertainty.March 12 selloff spike in volumeThe main source of revenue for crypto exchanges comes from trading fees, so on the days with heavy volume, they see an increase in their revenues.March 12, the day that Bitcoin lost 37% of its value, there was a significant increase in Bitcoin trading volume,...

Proving That Tether Manipulated Bitcoin 2017 Bull Run Won’t Be Easy

The iFinex–Tether market manipulation lawsuit continues. Last week, Judge Katherine Failla of the Southern District of New York selected Roche Cyrulnik Freedman as interim lead plaintiff counsel, and four civil actions were consolidated into a single class action: Leibowitz v. iFinex Inc. In the complaints, iFinex’s subsidiary, Bitfinex, and related stablecoin Tether (USDT) are charged with manipulating the Bitcoin market in 2017 — something the firm strenuously denied.Combination of old and newThis isn’t...

DDoS Attacks on OKEx and Bitfinex Were Sophisticated, Possibly Related

As the cryptocurrency industry continues to mature, security remains a major challenge. Over the last few weeks, a number of cryptocurrency exchanges — namely, OKEx, Bitfinex, Digitex and Coinhako — have experienced security breaches.Although the attackers apparently did not manage to steal any funds, one of the incidents resulted in a leak of Know Your Customer data. All of the breaches have reportedly been dealt with as of press time, and all...

Tether CTO to Tell the Story of USDT Stablecoin At Upcoming Conference

Amid ongoing lawsuits surrounding controversial stablecoin Tether (USDT), the company’s CTO plans to detail the asset’s background at an upcoming conference. Bitfinex and Tether CTO Paolo Ardoino is slated to recount “the story of Tether’s inception and success” in a keynote speech at the CryptoCompare Digital Asset Summit in London on March 10, a statement from CryptoCompare said on Feb. 28.The firm’s CTO appears confidentAlthough Tether still sits entangled in a complicated legal...

‘Digileaker’ Claims to Have Stolen KYC Documents for 8,000 Digitex Users

An ex-employee of cryptocurrency derivatives exchange Digitex began leaking stolen Know-Your-Customer (KYC) on Telegram. The stolen data reportedly includes passport and driving license scans and other sensitive documentation pertaining to more than 8,000 Digitex customers. The Seychelles-based exchange issued Cointelegraph a statement indicating that it is not currently able to comment on the incident and is seeking legal counsel: “Digitex Futures is aware of a leak of confidential data. We are not able to...

Bitfinex Completes Another $100M Loan Facility Repayment to Tether

Hours after experiencing a major denial of service attacks (DDoS) attack, Bitfinex has announced it repaid another part of the loan facility to Tether.In a Feb. 28 blog post, Bitfinex revealed that the cryptocurrency exchange repaid $100 million of outstanding loan facility to major stablecoin operator Tether (USDT).Similarly to a previous repayment in July 2019, Bitfinex processed the transaction in fiat via wire transfer wired to Tether's bank account. According to the...

Lawyers Duke it Out Over Who Gets To Lead the Class Action Suit Against Tether

In a U.S. courthouse for the Southern District of New York, Judge Katherine Failla heard this afternoon from three plaintiff teams suing iFinex et. al. and vying to serve as lead counsel in the emerging class action with potentially tens of thousands of injured members.IFinex’s Tether (USDT) stablecoin firm and its Bitfinex subsidiary are charged with manipulating the Bitcoin market in 2017 — something the firm strenuously denies.Kyle Roche, representing plaintiffs Leibowitz...

Bitcoin Price Drop Nets Bitfinex ‘Whale’ $10 Million in 5 Minutes

Late Saturday night on Feb. 15, Bitcoin (BTC) price briefly reclaimed the $10K mark after a tumultuous day of trading that saw the price drop 5.35% to $9,853. The possibility of a downside break was enhanced by Bitcoin’s failure to hold above $10,330 and for the past 4 days $10,450 to $10,500 served as a stiff zone of resistance. According to data from Skew Analytics, the swift 5.35% drop resulted in $90 million...
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