Bitfinex has withdrawn around 17,000 bitcoins from its wallet as part of a financial battle over missing funds worth $850 million.


$165M Leaves Bitfinex Wallet

As Twitter transaction monitoring account Whale Alert confirmed April 26, BTC funds worth around $90 million left Bitfinex’s wallet for an unknown destination.

The two BTC withdrawals were accompanied by six Ethereum (ETH) transactions with a total USD value of around $75 million.

Bitfinex’s parent company iFinex is currently in the midst of grappling with funds it gave to a third-party payment processor in 2018.

Ostensibly to handle Bitfinex withdrawal requests, the processor, Crypto Capital Corp., failed to distribute the funds, which iFinex maintains are not stolen or otherwise quarantined.

Nonetheless, iFinex subsequently used USD reserves backing its stablecoin Tether (USDT) 00 to plug the gap, something which…

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Source: https://thebitcoinnews.com/traders-pulled-out-165-million-from-bitfinex-in-the-past-12-hours/