Crypto exchange Bitfinex repays $550 million loan balance to Tether
Cryptocurrency exchange Bitfinex announced that it has paid its debt to a crypto firm it is affiliated with.
Bitfinex published social media and blog posts on Friday stating that it has repaid the $550 million it owed to Tether.
Balance repaid
Per the announcement, the exchange has completed the payment of an outstanding balance. The payment was made in fiat currency sent to Tether’s Deltec bank account.
The exchange is yet to share the proof of payment with the public.
“Bitfinex is happy to announce that in January it repaid the remaining balance of $550,000,000 of the outstanding revolving loan facility to Tether. Bitfinex made this payment in fiat currency wired to Tether's bank account,” reads the statement.
Bitfinex also completed paying the interest due on the loan, which was paid early and in full.
“All interest due on the loan has been paid. The loan has now been repaid early and in full and the line of credit has been canceled.”
According to information shared with The Block, the payment was made last month.
Line of credit opened
Tether opened a line of credit for Bitfinex worth $900 million in 2018, and the exchange only used $750 million.
Bitfinex repaid $200 in two tranches, each worth $100 million in 2018 and 2019.
The exchange’s General Counsel Stuart Hoegner said the loan had to be taken out because Bitfinex found itself in a “short-term need for cash, and Tether was prepared to lend on commercially reasonable terms.
The line of credit, which has been paid in full, was due on November 5th this year.
Without sharing the specifics, the exchange’s General Counsel said Bitfinex’s financial performance was a driving factor in settling the loan ahead of time.
The payment was made in U.S. dollars and not the dollar-pegged stablecoin Tether. This is because the loan was given in fiat and not crypto.
Legal issues
The exchange found itself in a legal battle after New York Court argued that Bitfinex lost $850 million which was seized by Crypto Capital, a fiat banking platform that offers its services to cryptocurrency exchanges.
The Court alleges that the exchange covered the short using a credit line extended to it by its sister company, Tether. The case is still ongoing.
The stablecoin issuer Tether and the exchange Bitfinex share the same parent company: iFinex.
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