Tuesday, July 15, 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 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 –...

FurGPT Develops Feedback-Driven AI for Interactive Companion Customization

FurGPT Develops Feedback-Driven AI for Interactive Companion Customization

by firstcryptonews
July 14, 2025
0

New adaptive learning model personalizes pet behavior based on real-time sentiment and usage inputs across blockchain environments. London, UK –...

Imagen Network (IMAGE) Taps Grok AI to Drive Scalable Personalization Across Decentralized Social Systems

Imagen Network (IMAGE) Taps Grok AI to Drive Scalable Personalization Across Decentralized Social Systems

by firstcryptonews
July 14, 2025
0

Integration of Grok’s advanced intelligence model powers adaptive content, curated feeds, and smart node experiences across multichain platforms. Singapore, SG...

Atua AI Deploys Context-Aware Modules to Support Smarter Integration

Atua AI Deploys Context-Aware Modules to Support Smarter Integration

by firstcryptonews
July 10, 2025
0

Intelligent AI Components Now Adapt to Real-Time Data and Blockchain Conditions Across Web3 Systems Singapore, SG – July 10, 2025...

Atua AI Builds Automated Data Pathways for Intelligent Web3 Execution

Atua AI Builds Automated Data Pathways for Intelligent Web3 Execution

by firstcryptonews
July 9, 2025
0

New Framework Streamlines Data Flow Between AI Modules and Blockchain Systems for Smarter, Real-Time Automation Singapore, SG – July 9,...

Atua AI Powers Developer Access with Smart Pipeline Integration Features

Atua AI Powers Developer Access with Smart Pipeline Integration Features

by firstcryptonews
July 4, 2025
0

Streamlined Automation Pipelines Enable Faster Deployment and Real-Time Workflow Customization in Web3 Singapore, SG – July 4, 2025 – Atua...

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

Fandom Korea x PEACEMINUSONE Collab NFT, Archive of PEACEMINUSONE, Sold Out in Minutes.

Fandom Korea x PEACEMINUSONE Collab NFT, Archive of PEACEMINUSONE, Sold Out in Minutes.

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

10 months ago
Bitcoin Surges On As Technical Indicators Show Its Approaching Overbought Zone

Bitcoin Surges On As Technical Indicators Show Its Approaching Overbought Zone

6 years ago
Trending NFTs: The Idle Cats

Trending NFTs: The Idle Cats

3 years ago
Gabe’s Journey – Overcoming Adversity with Humor, Resilience, and $CRIP

Gabe’s Journey – Overcoming Adversity with Humor, Resilience, and $CRIP

7 months ago
Ripple’s XRP to Expand Multichain Functionality on Colle AI (COLLE)’s AI-NFT Platform

Ripple’s XRP to Expand Multichain Functionality on Colle AI (COLLE)’s AI-NFT Platform

7 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 Enhances Microservice Intelligence to Support Complex Automations

Atua AI Enhances Microservice Intelligence to Support Complex Automations

July 14, 2025

Press Release

Angel Token Presale is LIVE!

Angel Token Presale is LIVE!

July 15, 2025

© 2020 First Crypto News

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

© 2020 First Crypto News