Tag: Bitfinex

Bitfinex Says It Repaid Tether for $550M Loan at Center of NYAG Probe
Crypto News

Bitfinex Says It Repaid Tether for $550M Loan at Center of NYAG Probe

Crypto exchange Bitfinex claimed Friday it repaid the remaining balance of a $550 million loan to its sister firm, Tether, the issuer of the tether (USDT) stablecoin.In 2018 the exchange borrowed more than $600 million from Tether, with which it shares executives and ownership. The transaction was made public in April 2019 after the New York Attorney General’s Office (NYAG) alleged Bitfinex lost $850 million in customer and corporate funds to payment processor Crypto Capital Corp., and used funds from Tether’s reserve to secretly cover the shortfall.Bitfinex previously announced paying off certain tranches of the loan.The final payment was made in January and the line of credit opened by Tether back in 2018 has been cancelled, according to Bitfinex’s website.As of April 30, 2...