OKEx And Bitfinex Suffer Simultaneous DDoS Attacks

Hours after experiencing the huge denial of service attacks and the DDoS attack, Bitfinex announced that it repaid another part of the loan facility to Tether. However, the crypto news about OKEx and Bitfinex suffering these attacks were viral yesterday and confirmed in an official blog post.

The February 28 blog post issued by Bitfinex revealed that the cryptocurrency exchange repaid $100 million of the outstanding loan facility to the major stablecoin operator Tether (USDT). Similarly to a previous repayment in July 2019, Bitfinex processed the transaction in fiat through wire transfer wired to Tether’s bank account. As the post outlines, the payment has been made “all on account of principal,” while the interest on all amounts due under the facility agreement has been prepaid up to March 2020.

Now that OKEx and Bitfinex suffer from the same DDoS attacks, we can see that the new $100 million repayment marks yet another move in the long-term controversial relationship of Bitfinex and Tether. As you may know from our altcoin news, both companies are facing class lawsuits accusing them of crypto market manipulation.

Despite the cryptocurrency community being actively involved in the class action lawsuit between these two, we saw support from many different sides as both Bitfinex and Tether continue to deny allegations that the companies were involved in manipulating the market.

As such, Tether has once again ridiculed the allegations that the company used its United States pegged stablecoin USDT for manipulating Bitcoin’s price earlier today. In another statement, iFinex which is the firm behind Tether, argued that market manipulation claims are “reckless and false” 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.”

Anyways, both OKEx and Bitfinex are respected names in the crypto industry. In the midst of them is Tether, which is also subject of a controversial topic based on the existing skepticism over its reserve policy.
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Launched in 2014, Tether is the first ever stablecoin to be backed by the United States dollar at a 1:1 ratio. For the past couple of years, industry critics speculated that Tether did not have the appropriate amount of cash reserves in its bank accounts to back the amount of USDT which is in active circulation.