Bitfinex announced on Friday, February 5, which reimbursed the releasing balance of $ 550 million of the pending rotating loan to Tether. A for the announcement, the remover loan together with the interest was paid in fiduciary currency connected to the Tether bank account in January 2021.
Tether opened a credit line for Bitfinex in 2018 due to the seizure of the accounts of his payment processor that hero at that time approximately $ 880 million or Bitfinex funds. The bank accounts of the Payment processor-Crypto Capital-in Poland, Portugal, the United Kingdom and the USs were navigated or frozen in 2018 by governments due to an investigation of the convention of money.
Bitfinex and Tether under the NYAG lens
NYAG is not impressed with the credit line. He argues that Exchange who secretly covers the deficit through Tether’s funds is a potential fraud of basic values and products.
To cover up the loss of customer funds Bitfinex, Tether – Bitfinex Sister Company – extended a rotating credit line of up to $ 900 million for three years at an interest rate or 6.5%. The total access loan was $ 700 million. Bitfinex reimbursed $ 100 million each in 2019 and 2020. The last $ 500 million remover together with interest (~ 6.5%) was a payment in January 2021.
This agreement to access Tether’s credit line was secured by a charge for shares or about 60,000,000 shares of Ifinex Inc., which Digfinex agrees not to tax otherwise.
Since Digfinex and Ifinex are
The case is ongoing and current bitfinex is producing documents requested by the NYAG.
