Bitfinex Repaid $100 Million To Stablecoin Tether (USDT)

The cryptocurrency exchange Bitfinex repaid a sum of $100 million to the stablecoin operator Tether (USDT), the coming altcoin news show. The exchange said that it repaid $100 million of the outstanding loan facility to the stablecoin operator in an official post on its blog on July 2.

As the announcement notes, Bitfinex made the repayment through wire transfer to Tether’s bank account. The amount was not yet due to be paid to the operator under the facility, the latest cryptocurrency news show.

“Bitfinex is pleased to announce that on July 1, 2019, it repaid $100,000,000 of the outstanding loan facility to Tether. Bitfinex made this payment in fiat wired to Tether’s bank account. This amount was not yet due to be paid to Tether under the facility, but Bitfinex has made the prepayment based upon its financial position at the end of the second quarter of 2019,” the blog post notes.

Despite that, Bitfinex repaid and made a decision to complete this prepayment based on its financial position at the end of the second quarter of this year. As the post concludes:

“Also on July 1st, Bitfinex fully prepaid all interest accrued under the loan facility to Tether up to the end of day on June 30, 2019, also in fiat.”

Many best cryptocurrency news sites reported that in May, the New York Supreme Court granted Bitfinex and Tether the stay of demands for which they applied on May 21. The original filing shows that Bitfinex never revealed a loss to investors and executives of the exchange, while Tether engaged in a series of conflicting corporate transactions.

With all of these transactions, Bitfinex prepaid Tether (USDT) – after getting access to up to $900 million of Tether’s cash reserves, using them to hide their insolvency.

Still, the coming altcoin news show that Bitfinex is accused of taking no less than $700 million from Tether’s reserves – and using those funds to hide losses and the exchange’s inability to handle clients’ withdrawals.

Before Bitfinex prepaid Tether, the exchange announced a burn initiative for its LEO token which will see its parent company (iFinex) to funnel its gross revenue and purchase LEO tokens at market prices before destroying them.