Bitfinex Denies Insolvency Rumors


Total News – Atlanta, GA 10/8/2018. Hong Kong-based cryptocurrency exchange Bitfinex denied media reports of insolvency claims.

According to Cointelegraph "Bitfinex's rebuttal comes in the wake of last week's reports that the exchange's banking partner, Puerto Rico's Noble Bank International, is seeking a buyer and had lost both Bitfinex and affiliated firm Tether — who share a CEO, Jan Ludovicus van der Velde — as clients. In addition to Noble's apparent woes, online bloggers were claiming that Bitfinex itself was insolvent, citing unverified reports of difficulties processing fiat withdrawals on the platform."

Bitfinex has stated that "Stories and allegations currently circulating mentioning an entity called Noble Bank have no impact on our operations, survivability, or solvency."

The exchange also responded to the rumors that "Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this", and that their wallets Bitcoin cold wallet 1, Ethereum cold wallet 1, and EOS cold wallet 1 " represent a small fraction of Bitfinex cryptocurrency holdings and do not take into account fiat holdings of any kind."

As of writing, the company's cold wallet addresses posted above holds $980 million for BTC, $395 million for ETH, $204 million for EOS.

Bitfinex also claimed that "both fiat and cryptocurrency withdrawals are functioning as normal," adding:

"Verified Bitfinex users can freely withdraw Euros, Japanese Yen, Pounds Sterling and U.S. Dollars. Complications continue to exist for us in the domain of fiat transactions, as they do for most cryptocurrency-related organizations."

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