March 28, 2024

Bitfinex paid off its debt to Tether

Bitfinex paid off its debt to Tether

The Bitfinex exchange has fully repaid its debt to the issuer of the USDT stable currency.

In a statement,published today, it is indicated that Bitfinex transferred another $550 million to Tether accounts, thereby fully repaying the loan. 

It was this $ 900 million loan that was the root cause of the proceedings and the lawsuit of the Attorney General of New York, accusing the management of market manipulation.

And although the debt has been paid, the legal proceedings are not going to stop.iFinex Inc., the parent company of Tether and Bitfinex, is stillIt is assumed that in order to issue this loan, Tether printed a huge amount of unbacked USDT tokens.

And although recently the Deltec bank, in whichmaintained by Tether, stated that the stablecoin is fully backed by the bank's reserves, no evidence has yet been provided. Tether and Bitfinex again asked to postpone the transfer of the necessary documents to the prosecutor, as they still need to find some "key materials."

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