Bitfinex – Financial Treason & Crime

Martin Young, 17 May 2021

According to data from ByBit, there has been $2.38 billion in total liquidations over the past 24 hours. Over half of that total, or $1.26 billion, has been from bitcoin positions as the asset has continued its free fall.

The largest day for Bitcoin long position liquidations was on April 17, 2021, a few days after its all-time high when over $9 billion disappeared. April 22 and May 12 also saw large Bitcoin liquidation figures according to derivatives exchanges.

Datamish has revealed that $34 million in longs have been liquidated on BitMEX over the past 24 hours and 417 BTC was liquidated on Bitfinex. Continue reading “Article: Crypto Liquidations Top $2.4 Billion in 24 Hours”

02/23/202104/03/2021

Article: Bitfinex, Tether owner pays $18.5 million fine to settle NYAG cryptocurrency cover-up charges

Article - Media, Publications

Bitfinex, Tether owner pays $18.5 million fine to settle NYAG cryptocurrency cover-up charges

Jonathan Stempel, 23 February 2021

NEW YORK (Reuters) – The owner of the Tether cryptocurrency and Bitfinex trading platform will pay an $18.5 million fine to settle charges it commingled client and corporate funds to cover up $850 million that went missing, New York Attorney General Letitia James said on Tuesday.

James said the civil settlement with Hong Kong-based iFinex Inc and related entities will also require them to halt trading activity with New Yorkers.

Bitfinex was accused of having sent the $850 million to Crypto Capital Corp, a payment processor believed to be in Panama, without telling clients, and after the funds went missing, draining at least $700 million from Tether’s reserves. Continue reading “Article: Bitfinex, Tether owner pays $18.5 million fine to settle NYAG cryptocurrency cover-up charges”

06/13/201804/06/2021

Article: Market manipulation caused surge in prices of bitcoin and other cryptocurrencies, researchers say

Article - Media, Publications

Market manipulation caused surge in prices of bitcoin and other cryptocurrencies, researchers say

DUNCAN RILEY, 13 June 2018

A new research paper has confirmed long-held suspicions that the Tether cryptocurrency was used by people linked to the Bitfinex exchange to drive up the price of bitcoin and other cryptocurrencies last year.

The paper, written by University of Texas Professor John Griffin, who is known for catching fraud in financial markets, and graduate student Amin Shams, details the direct relationship between the issuing of Tether during bitcoin price drops and how it was used to buy bitcoin on the drop, artificially creating demand and driving the price up. Continue reading “Article: Market manipulation caused surge in prices of bitcoin and other cryptocurrencies, researchers say”