Bitfinex Whale Unable to Withdrawal $1.28 Million, Leading Some to Believe It’s a Scam

Investors Unable To Withdraw Funds At Bitfinex, Leading Some To Believe It’s A Scam

Bitfinex has been in its fair share of drama with the market, which has largely been due to issues in withdrawals and deposits involving fiat currency. The creators even issued a post on their official website on October 15th to discuss this type of issue.

The topic discussed was primarily the deposits, though they indicated that users submitting fiat or crypto withdrawals right now “are, and have been, processing as usual without the slightest interference.”

Unfortunately, if the users on Twitter and Reddit are being truthful, then Bitfinex is ultimately leading their investors astray. In a recent post on Twitter, a user named Bitfinex’ed accused Bitfinex, along with Tether, of being a fraud. The post says,

“It looks like “institutions” are having trouble over at Bitfinex. Someone who trades $100 million a month on Bitfinex can't get their money out. Really guys, you've had over a year of warning on Bitfinex & Tether being a scam. You knew.”

The user included a screenshot of a Reddit post that was submitted on Tuesday from user ExpoCryptoTrader. The screenshot shows that the user has already submitted a support ticket, but with no positive interaction with Bitfinex. However, they did reply on Wednesday, saying,

“Thank you reaching out. I have checked, and it has already been escalated to our finance team and their reply shall be with you shortly. Until my colleagues respond, please check the dates at which the withdrawals were successfully completed, as from what I got to understand, our users receive their funds within 10 business days. Are these the first 2 FIAT withdrawals we have processed for you?”

One of the issues seems to be the verbiage on the website, making it hard for users to determine what is happening with their funds. The user even questions,

“What does COMPLETED and SENDING mean? If the withdrawals have not actually been processed yet please just credit the funds back to our account and we will withdraw Tether and sell it OTC for a loss. We would prefer that than to wait indefinitely for the funds to hit.”

This inquiry on the social media platform has elicited over 30 responses so far, with some users simply upvoting the post to make it seen. So far, Bitfinex hasn’t replied to the thread, but the majority of the replies simply make fun of the user for trusting Bitfinex at all, joking that the individual should give up on the hopes of seeing their funds, considering that the “completed” transaction was on October 9th. However, if the Bitfinex support team is to be believed, then they should see their transaction in their account by October 23rd.

No additional comments have been added by ExpoCryptoTrader, so it is hard to say if this matter has been resolved. However, over on Twitter, there are many debates on what is actually real in this conversation, with some users even accusing ExpoCryptoTrader of being a fraud, based on the half-million dollars’ worth of cryptocurrency in just one of the transactions.

Just last week, HSBC decided to abandon their partnership with Bitfinex, which Bitfinex’ed also chimed in on. At the time, the user posted to Twitter, saying,

“Bitfinex is delusional. They are going to use money mules. Like those “work at home” scammers. Because that’s how a legitimate exchange with allegedly billions of dollars operates.”

If the explanations from HSBC are to be believed, they withdrew their collaboration after discovering a partnership between Bitfinex and Global Trading Solutions.

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