Bitfinex’s Recent NYAG Encounter Costs the Exchange Quite Dearly, $73 Million Bitcoin on the Move


Ever since the recent Tether-Bitfinex scandal came into the spotlight a couple of weeks back, Bitfinex has been on the receiving end of intense regulatory scrutiny from the New York Attorney General’s office — so much so that the NYAG has imposed a number of sanctions against the firm (asking the company’s executive brass to release a host of documents related to its USDT deals from the past year or so).

In light of all this, a host of reports have emerged that clearly show that these developments have cost Bitfinex millions of dollars.

Additionally, it is also worth pointing out that one of Bitfinex’s cold wallet accounts xfered a massive sum of 12,511 BTC recently (May 7th to be exact). In this regard, one of the most vocal critics of the premier crypto exchange ‘Bitfinex’ed’ posted the following message online:

https://twitter.com/Bitfinexed/status/1125784717649960960

  • The aforementioned funds were moved from one of Bitfinex’s cold wallet addresses (3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r) to another wallet labeled “3JZq4atUahhuA9rLhXLMhhTo133J9rF97j”.
  • As a result of facilitating this insanely huge tx, Bitfinex is now reportedly left with a crypto balance of just 76,892.85 BTC — which is estimated to be worth $453.85 million.
  • The recipient of the above-stated payment quickly moved his/her funds into a number of different wallet addresses by splitting them moments after receiving the assets.

Final Take

At the start of 2019, Bitfinex had approximately 138,000 BTC under its possession — which at the time was estimated to be around $518 million. However, since then the firm’s crypto holdings (particularly Bitcoin) have shrunk by nearly 50%.

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