Detail Analysis
Date:
Status:
Count:
Contributor:
April 26, 2019
Verified
3
zerofriction.io
KYC By:
KYC:
None
Audit By:
Audits:
None
Loss Amount:
851,000,000
Recovered Amount:
-
Currency:
Dollars
Key Indicators
Platform:
Type:
Category:
Method:
Data Sources:
Exchange
Assets
Scams
Extended Method:
Scam
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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