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Bitfinex under the immediate threat of insolvency ?
After some mild clarifications, tension is rising in the crypto community – the spread between Bitcoin prices on Bitfinex and other exchanges, on October 15, reached $1,000 against the massive sale of Tether (USDT). In the meantime, Bitfinex is testing its improved solutions, it remains to be seen about the possible consequences for the crypto industry and to be confirmed that this is not a repetition of the story with Mt.Gox, which some traders draw a parallel to, but simply the implementation of a “new and increasingly robust fiat deposit system”.
The transparency of the work on one of the leading cryptocurrency exchanges has been questioned as early as October 2. The reason for this was the financial problems of the Puerto Rico’s Noble Bank, which was allegedly engaged in servicing the operations of Bitfinex and Tether Ltd (Bitfinex owners are the beneficiaries of Tether). As reported, the bank has filed for bankruptcy and is now searching for a buyer.
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The news about the financial problems of Noble Bank was first published on Sept. 30, 2018. The information came from an insider, who reported on the possibility of a quick liquidation of the bank if it wouldn’t receive support from the holders of large amounts of Tether. The non-publicized connection of the bank with Bitfinex accounts were revealed by the BitMEX exchange researchers.
Bitfinex resumed accepting fiat deposits and upgraded its security system. The representatives pointed out that “all cryptocurrency and fiat withdrawals are, and have been, processing as usual without the slightest interference.” Nevertheless, some users still feel the fear of losing their funds due to the inappropriate functioning of the exchange’s services and other users’ complaints. According to one of them, Bitfinex tech support specialists attributed delays in processing transactions to the change of a banking partner of their payment processor.
However, any possible changes in banking partners relationships won’t affect security of users’ funds, Bitfinex communications director Kasper Rasmussen assured. He also added that the exchange is “currently working [its] way through a backlog of fiat withdrawals and a few users unfortunately continue to experience these delays.”
How quickly these problems will be solved is still unclear, but the number of users’ complaints and tickets, which can be tracked here, show that this is not a matter of “a few” accounts. Hopefully, a new banking partner and system upgrades will clear things up.