Bitfinex Requires ‘A Few Weeks’ To Recover Funds

| Publish date: 04/28/2019

At least two shareholders of Bitfinex have shared their view toward allegations coming from the New York Attorney General. Apparently, they are unconcerned by these. The allegations pertaining to the crypto exchange losing around $850 million of funds, both of which cover client and corporate means.

Nothing To Worry About

One of these shareholders is none other than Zhao Dong. He reportedly tried to reassure the entire digital currency community that, in one way or another, the company is not only solvent but also operational numerous times in the past. In an interview, he confirmed his support towards Bitfinex and Tether.

Bitfinex’s very own chief financial officer named Giancarlo Devasini even went to Zhao and personally assured him of the situation. The former reportedly told that the latter that whatever is happening is just a temporary situation. As a matter of fact, Devasini said that all of these will only require “a few weeks.” From there, he is confident that all funds will be unfrozen in no time.

Zhao insisted that the funds were kept in a number of banks, most of which are in Portugal, Poland, and the United States.

It holds true that the New York Attorney General’s office is confident that all missing funds belong not only Bitfinex’s customers but as well as its corporate accounts. However, Zhao himself insisted that these funds only belonged to customers and that the said office is mistaken.

Zhao’s Trust

After the aforementioned office brought a court order asking the cryptocurrency exchange to preserve and bring forth all documentation concerning the issue, Zhao spoke about his own views. Basically, the court order from the New  York Attorney General’s office suggested to bring documents outlining how the company managed to borrow funds directly from its sister company called Tether. It is worth noting that both of these firms are operated by iFinex.

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According to the investigative findings courtesy of the office, the company is unable to access the $850 million funds, all of which are kept by the Panama-based firm Crypto Capital. It even went to borrow around $700 million from Tether’s reserves in an attempt to resolve the issue.

Zhao was reportedly asked about his views towards the allegations obtained by Bitfinex. Apparently, the shareholder is not concerned at all. He said that previous events, most of which took place six years ago, gave him the confidence.


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