Bitfinex Saga Continues-but does it matter?
- 1. The NYAG believes Tether and Bitfinex were involved in concerning activities including: bypassing (NY) regulation, missing funds, and conflicts of interest
- 2. Bitfinex has a hole on its balance sheet of $850M since late 2018
- 3. Bitfinex claims the missing $850M is 'stuck' with Crypto Capital, a payment processing firm located in Panama
- 4. Crypto Capital argues the $850M have been seized by US and Portugal gov't authorities
- 5. Issues with obtaining these funds allegedly led Bitfinex and Tether to orchestrate a web of transfers and credit lines
While some in the crypto community have stated that there's simply nothing to see here, except the gov't doing its job and rightfully calling out negligent behavior- some have spoken of a double standard. Folks like Caitlin long, a 22 year Wall Street veteran and Founder of Wyoming Blockchain Coalition, have seen the NY AG take a different approach towards negligence from big banks.