Friday, August 8, 2025
No Result
View All Result
CONTACT
First Crypto News
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
  • News
  • Bitcoin
  • Ethereum
  • Industry
  • Market Updates
  • Price
  • Coins
  • Press Release
No Result
View All Result
First Crypto News
No Result
View All Result

Bitfinex Makes Bold but ‘Unaudited’ USD 404 million Profit Claims

by firstcryptonews
May 28, 2019
in News
Bitfinex Makes Bold but ‘Unaudited’ USD 404 million Profit Claims

Bitfinex operator iFinex has made some new financial claims in the white paper for its forthcoming initial exchange offering (IEO) – stating that its platform made a whopping USD 404 million in net profits last year (24% more than in 2017) and paid dividends while they are still struggling to recover allegedly lost USD 851 million.

iFinex, Bitfinex and the company’s stablecoin Tether are still embroiled in a complex legal battle with the Attorney General (AG) in New York. The AG has accused the operator of “covering up” loans and “misappropriating” some USD 851 million – in a case that involves a Panamanian company, Crypto Capital.

As reported earlier this week, Bitfinex has already stated that it wants to raise USD 1 billion through the forthcoming release of its LEO token.

And in the white paper, Bitfinex appears to flex its financial muscles, stating that its gross profits for 2018, including consolidated revenue, stood at over USD 418 million. The company also claimed that it paid shareholders dividends of USD 261.7 million last year, or 6% more than in 2017. In comparison, another major and recently hacked exchange, Binance, reportedly made USD 446 million in profits in 2018.

Instead, the operator says, its financial information “is presented in accordance with principles, and reflects all adjustments necessary in the view of iFinex.”

Some other financial claims made in the white paper include:

the company employs between 60 and 90 staff members (up from almost half that number in 2017)
its expenses for 2018 were USD 14 million
the company is planning to launch “the most user-friendly and legally compliant betting exchange in the world”

The document also goes on to explain what iFinex says is the nature of its relationship with the Panamanian company, stating that it “strengthened its relationship with Crypto Capital in the immediate aftermath of a service disruption initiated by an American correspondent bank.”

iFinex says that in late summer last year, the government “partially” seized Crypto Capital funds, after which the Bitfinex operator granted the Panamanian company a “secured, revolving line of credit on commercially reasonable terms.”

Meanwhile, Ethereum co-founder Joseph Lubin opined, per Bloomberg, that the Bitfinex/Tether situation “seems like a really big mess that probably won’t get better.”

However, Lubin also stated that he was hopeful of seeing a silver lining. He remarked, “There are other price-stable tokens out there – many others – and I think they’re going to gain traction because of this. I think that will be a really good thing.”

In either case, tether still trades above USD 1, while the risk premium on Bitfinex decreased: recently, bitcoin was trading at around USD 300 premium on the exchange and today it’s around USD 70.

Related Posts

Atua AI (TUA) Rolls Out Modular Processing Units for Consistent Enterprise AI Handling

Atua AI (TUA) Rolls Out Modular Processing Units for Consistent Enterprise AI Handling

by firstcryptonews
August 8, 2025
0

Singapore, SG – August 8, 2025 – Atua AI (TUA), a leader in AI-powered Web3 infrastructure solutions, today announced the...

Atua AI (TUA) Deploys Workflow Templates for Faster Enterprise AI Integration

Atua AI (TUA) Deploys Workflow Templates for Faster Enterprise AI Integration

by firstcryptonews
August 4, 2025
0

Pre-Built Automation Frameworks Enable Rapid AI Adoption Across Decentralized Business Operations Singapore, SG – Aug 04, 2025 – Atua AI...

Atua AI Enhances Developer Customization With Scalable Node Orchestration

Atua AI Enhances Developer Customization With Scalable Node Orchestration

by firstcryptonews
August 1, 2025
0

Dynamic Node Management Empowers Smarter AI Deployments and Multichain Workflow Control Singapore, SG – Aug 01, 2025 – Atua AI...

TUA Deploys Responsive Compute Nodes for Cross-Chain AI Alignment

TUA Deploys Responsive Compute Nodes for Cross-Chain AI Alignment

by firstcryptonews
July 24, 2025
0

Atua AI Enhances Distributed Intelligence and Multichain Task Coordination With Dynamic Execution Nodes Singapore, SG – July 24, 2025 –...

Atua AI Refines Modular Control Systems to Improve AI Orchestration

Atua AI Refines Modular Control Systems to Improve AI Orchestration

by firstcryptonews
July 22, 2025
0

Smarter Task Management and Agent Coordination Streamline Intelligent Automation Across Web3 Networks Singapore, SG – July 22, 2025 – Atua...

Atua AI Enhances Microservice Intelligence to Support Complex Automations

Atua AI Enhances Microservice Intelligence to Support Complex Automations

by firstcryptonews
July 14, 2025
0

Smarter, Independent AI Services Now Enable Scalable and Context-Aware Automation Across Decentralized Systems Singapore, SG – July 14, 2025 –...

Next Post
What is This YubiKey Device Binance CEO is Talking About?

What is This YubiKey Device Binance CEO is Talking About?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Mansa AI (MUSA) Unveils Next-Gen AI Platform to Revolutionize Web3 Automation and Innovation

Mansa AI (MUSA) Unveils Next-Gen AI Platform to Revolutionize Web3 Automation and Innovation

6 months ago
DadaChain , a Blockchain-Based Real World Asset (RWA) Tokenization Platform, to Officially Launch on March 17

DadaChain , a Blockchain-Based Real World Asset (RWA) Tokenization Platform, to Officially Launch on March 17

6 months ago
Blind Doge

Blind Doge ($BDoge) Brings the World’s, First Charity Deflationary Token

4 years ago
Meta Farm Family Official NFT collection (MFFO)

Meta Farm Family Official NFT collection (MFFO)

3 years ago
German stylist to supply customized digital identities to consumers through virtual experiments – The next unicorn?

German stylist to supply customized digital identities to consumers through virtual experiments – The next unicorn?

3 years ago
Pink Diamond Coin (PDC) Launches: The Next Big Gem in Cryptocurrency

Pink Diamond Coin (PDC) Launches: The Next Big Gem in Cryptocurrency

11 months ago

First Crypto News

First Crypto News

First Crypto News is the Fastest Crypto News Portal. We Bring the Best and We Bring it Fast.

Bitcoin

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

Amid Chinese Crackdown, America’s Foundry USA Mining Pool Enters Top Ten Spot

June 21, 2021

Recent News

Atua AI (TUA) Rolls Out Modular Processing Units for Consistent Enterprise AI Handling

Atua AI (TUA) Rolls Out Modular Processing Units for Consistent Enterprise AI Handling

August 8, 2025

Press Release

Top 5 Crypto Projects to Watch in 2025 (And Why Avilom Is on the List)

Top 5 Crypto Projects to Watch in 2025 (And Why Avilom Is on the List)

August 7, 2025

© 2020 First Crypto News

No Result
View All Result
  • Home
  • World
  • Science
  • Tech

© 2020 First Crypto News