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Detail Analysis

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Date:

Status:

Count:

Contributor:

April 26, 2019

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Verified

3

zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

851,000,000

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Recovered Amount:

-

Currency:

Dollars

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Bitfinex is accused of sending 850 million U.S. dollars to Crypto Capital Corp, a payment processor believed to be located in Panama, without informing customers, and withdrawing at least 700 million U.S. dollars from Tether's reserves after the funds were lost. Bitfinex for its part in teh event, paid $42.5M to settle the US CFTC charge (https://www.reuters.com/technology/tether-bitfinex-agree-pay-425-mln-fines-settle-us-cftc-charges-2021-10-15/). In addition, in a separate order, firms doing business as Bitfinex agreed to a $1.5 million penalty over charges their controls were not adequate to keep U.S. customers from illegally engaging in retail commodity transactions on the exchange.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.