Bitfinex accused of covering $850m losses with Tether funds
American exchange Bitfinex has been accused by the New York Attorney General’s office of covering $850m in losses with funds that were supposed to be used to back the associated stablecoin Tether. Attorney General Letitia James filed a ruling earlier this week against iFinex Inc., who operates Bitfinex claiming that the losses were hidden from investors. Bitfinex
The news triggered a "flash crash" throughout the market, late on Thursday evening. Bitcoin fell from $5500 to almost $5050 within a couple of hours, with a similar effect seen across the board. This is not the first (and will most certainly not be the last) time that such news is seen to have such an effect on the entire market.
Bitfinex has since responded to the ruling stating that the funds have been "seized and safeguarded" and suggested that the Attorney General's office should now "focus its efforts on trying to aid and support our recovery efforts." The statement continues by confidently stating that Bitfinex and Tether are both "financially strong" and they will "vigorously challenge" what they describe as a "gross overreach" from the filing.
The market has responded today by gaining back most of yesterday's losses. The manner in which the markets are so responsive to these types of stories leads to whether this "news" story was very conveniently timed as part of a larger piece of market manipulation. Whether Bitfinex have a legitimate case to answer to, and what effect this has on Tether (and the rest of the market) may well determine if the funds were actually covered, or the major influencers that truly dictate the market were simply back to doing what they know best.
Bitfinext image licensed via Shutterstock
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