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Bitfinex repaid $100M it allegedly misused to Tether

Bitfinex.Marco Verch Professional Photographer and Speaker/Flickr

Thu, 04 Jul 2019, 10:08 am UTC

Cryptocurrency exchange Bitfinex has announced that it has paid $100 million of its outstanding loan facility to stablecoin operator Tether.

Earlier in April, the New York Attorney General’s (NYAG) office had alleged that Bitfinex lost $850 million and consequently borrowed $700 million from Tether to cover the loss, without disclosing the details to investors. In May, Bitfinex and Tether were granted a stay of document demands by the New York Supreme Court which was applied on May 21.

In its recent announcement, Bitfinex said that it has repaid $100 million of the outstanding loan facility on July 01 to Tether, adding:

“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."

“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.”

The amount that Bitfinex was accused of gaining access to was seven times what it paid back.

In May, iFinex, owner of Bitfinex and Tether, filed a motion to dismiss the entire proceeding arguing that the NYAG neither has the jurisdiction nor sufficient evidence to back its accusations. The NYAG’s office has until Monday, July 08, to respond, CoinDesk reported.

iFinex and its affiliated companies would then be able to file their own response by July 22. Attorneys representing both sides are due back in court on July 29.

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