Bitfinex Loans Another $100 Million To Repay Tether Loan Facility

Bitfinex loans another $100 million to Tether right after it experienced a major denial of service attack, the loan will be a part of the loan facility to Tether as we are reading more in the tether news below.

In a blog post today, bitfinex announced that the cryptocurrency exchange repaid $100 million of the loan facility to the major stablecoin provider Tether (USDT). Similarly to the previous repayment back in 2019, Bitfinex loans again to Tether and the transaction went in fiat via the wire transfer to Tether’s bank account. According to the blog post, the repayment has been made ‘’all on account of principal’’ while the interest on all of the amounts because under the facility agreement has been prepaid up to March this year.

The new $100 million repayment marks another huge move in the long-term controversial relationship of Bifinex and Tether of course since both companies are facing class lawsuits accusing them of market manipulation. Despite the fact that the crypto community is actively involved in the class-action lawsuit along with the BTC influencer Andreas Antonopoulos who recently expressed support for the legal teams in the case, both Tether and Bitfinex still deny the allegations that the companies are involved in manipulating the market.

Tether made fun of the allegations that the company used the United States pegged stablecoin for manipulating. iFinex, on the other hand, argued that the market manipulation claims are false and reckless stating:

 “The allegations in the complaint are without merit or legal basis, and exhibit a fundamental lack of understanding of the market structure of cryptocurrencies. Indeed, it is reckless and false to allege that USDT tokens are issued in order to manipulate markets.”

Tether is also a subject of another controversy in the crypto community that is based on the skepticism over Tether’s reserve policy. Launched back in 2014, Tether was the first stablecoin that was backed by the US dollar at a 1:1 ratio. Over the past two years, the critics in the industry stated that Tether didn’t have the needed amount of cash reserves in the bank account in order to be backed by USD.

The affiliate exchange Bitfinex of Tether suffered a few DDoS attacks and OKEx as well suffered the same.
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OKEx CEO Jay Hao offered a bounty to the team that was responsible for the hack saying that the exchange is ready to deal with these types of attacks. Bitfinex reportedly went into maintenance mode with some even saying that the team implemented a stricter protection level.