Two Israeli Brothers Suspected of the Crypto Exchange Bitfinex Hack in 2016

Two Israeli Brothers Suspected of the Crypto Exchange Bitfinex Hack in 2016

The Israeli media outlet Posta reports that two brothers from Jerusalem, Israel, were arrested by investigators of the national cyber unit at Lahav 433 for stealing $100 million from global crypto exchanges after the investigation had already begun in 2017. In a different report, it is stated that one of the crypto exchanges is no other than Bitfinex, which was indeed hacked in 2016 and consequently over $70 million had been stolen. According to investigators,…

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USDT+BTC=? Bitfinex to Deploy Tether on Bitcoin’s Lightning Network

USDT+BTC=? Bitfinex to Deploy Tether on Bitcoin’s Lightning Network

Bitfinex, one of the most popular crypto exchanges, has recently announced that it will launch its stablecoin Tether (USDT) on Bitcoin’s blockchain, the Lightning Network – a layer-two micropayments protocol that enables instant, low-cost Bitcoin transactions. Stablecoins are currently trending strong, and Bitfinex wants no stone unturned in order to bring USDT to more blockchains. Previously, the company announced that it will launch its stablecoin on EOS’s blockchain. Currently, Tether is issued on the Omni…

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Featured: The Full Story of Bitfinex & Tether

Featured: The Full Story of Bitfinex & Tether

News of the Bitfinex and Tether scandal has been dominating crypto news in 2019, but what is the full story? If you’re struggling to answer this question, it probably has something to do with what Bitfinex is being accused of in court: lack of transparency. We’ll attempt to clear some of the confusion here and tell you who the companies are, and the timeline of events leading to the latest updates. iFinex, Bitfinex, and Tether…

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Embattled Crypto Exchange Bitfinex Unravels its New Billion Dollar Token LEO

Embattled Crypto Exchange Bitfinex Unravels its New Billion Dollar Token LEO

With exceeding joy for completing yet another milestone (and diverting some attention from its recent $850M cover-up controversy), the Hong Kong-based crypto exchange, Bitfinex, took to its blog section on Friday to announce the listing of a new token on the platform. The token, termed UNUS SED LEO, was launched on May 20 on the Bitfinex platform to help create a better customer experience for its users. While it may be just a token launch…

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Unearthed Bitfinex’s Document Details $1 Billon Token Sale Dubbed “LEO”

Unearthed Bitfinex’s Document Details $1 Billon Token Sale Dubbed “LEO”

iFinex, the parent company to Tether and the controversial cryptocurrency exchange Bitfinex, is planning an initial exchange offering (IEO) with the aim to raise $1 billion. Bitfinex has come under scrutiny recently after it was revealed the FBI is conducting an investigation into an $850 million cover-up. Bitfinex has also been criticized for its lack of clarity over how Tether is backed. Bitfinex once claimed that Tether was backed 1:1 by the US dollar, but…

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Fablecoin: Tether Finally Fully Discloses that USDT Is Only 74% Backed by USD

Fablecoin: Tether Finally Fully Discloses that USDT Is Only 74% Backed by USD

Tether (USDT) is only 74% backed by cash and securities as stated in the affidavit filed with the Supreme Court of the State of New York by Stuart Hoegner, the general counsel to Tether and major bitcoin exchange Bitfinex. On April 25, New York Attorney General Letitia James accused that the companies behind the USD pegged stablecoin Tether and cryptocurrency exchange Bitfinex engaged in efforts to cover up a loss of $850 million of client…

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Almost $185M in BTC and ETH Moved from Bitfinex’s Cold Wallets after Alleged $850M Fraud

Almost $185M in BTC and ETH Moved from Bitfinex’s Cold Wallets after Alleged $850M Fraud

The cryptocurrency exchange Bitfinex is in hot water after it was revealed that nearly $185 million in Bitcoin and Ethereum was withdrawn from the firm’s cold wallets. The news quickly followed the bombshell that was dropped by the New York’s attorney general who accused the owners of the prominent exchange and the stablecoin Tether of using illicit transactions to mask $850 million in missing funds. While the crypto community hopes for the bear market to…

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NY Attorney General Wants Bitfinex and Tether Out of New York after $850M Cover-Up

NY Attorney General Wants Bitfinex and Tether Out of New York after $850M Cover-Up

New York’s Attorney General Letitia James has accused the cryptocurrency exchange Bitfinex of participating in a crypto cover-up. The associated legal document states how Bitfinex lost $850 million to Crypto Capital, a cryptocurrency and blockchain firm based in Panama. Bitfinex was allegedly using Crypto Capital to “process payments”; however, they were unable to retrieve these funds once the transaction had taken place. Attorney General Letitia James said: “Our investigation has determined that the operators of…

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