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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.

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