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Home / Business / Bitfinex needs a few weeks & # 39; to release funds, says CFO Shareholder

Bitfinex needs a few weeks & # 39; to release funds, says CFO Shareholder



Two Bitfinex shareholders said they were not aware of the attorney general's claim that the crypto exchange lost $ 850 million of customer and business funds.

Zhao Dong, a Bitfinex shareholder who has tried to reassure the crypto community that has been swapped solvent and operates many times before, told CoinDesk on Friday that he is still "supportive" to both Bitfinex and Tether, overlapping management staff and ownership.

Giancarlo Devasini, Bitfinex's financial officer, personally assured Zhao that this is a temporary situation, Zhao said. In fact, Devasini told him that the exchange "needs [a few weeks] and the funds will be unfrozen."

"The funds were in several banks in Poland, [the] the United States and Portugal, so I'm not sure but that was what I heard," said Zhao.

While the New York law firm says the missing funds belong to both Bitfinexs corporate account and its customers, said Zhao that the funds belonged entirely to customers and said:

"What information I have right now is no loss, but the funds belong to customers. If the US government seized the funds, they should know that the funds do not belong to Bitfinex or Tether, it's the customer's money. "

" I trust them "

Zhao spoke one day after the New York lawyer The Secretary revealed a court order that asked the exchange to preserve and exchange all documentation on the case, as well as documents describing how Bitfinex borrowed funds from their sister company Tether (both operated by iFinex).

According to NYAG's survey results, Bitfinex could not access $ 850 million held by Panama-based Crypto Capital and had borrowed $ 700 million from Tethers reserves to The news triggered a sale in the broader crypto market and a significant shift to alternative stablecoins over the next several hours, indicating business concern for the two controversial companies.

But he asked if he was concerned about allegations that Bitfinex hid the loss of $ 850 million, Zhao said he was not.

He mentioned events from his six-year trade out. slingen as the reason for his trust. "They did well [after previous calamities] so I trust them," said Zhao, referring to a hack in 201

6 and the freezing of the funds of Wells Fargo in 2017.

Tether vs banking

Zhao also claimed that Tether's The model is safer than fractional reserve bank.

" Tell me which bank is 100 percent reserved? Not even Tether is … fully reserved, [but] it is much, much better than other banks," he said. "Most banks have only 2-3 percent of reserves, for Tether is $ 800 million [that] lost, even though it is [not all of their funds] they have 70 percent reserved."

The pressure on the amount Tether has in reserves, Zhao adds that he believes the company is 100% supported, "but even if they are not, they are much better than the banks."

(It should be noted that US banks have Federal Deposit Insurance policies, which cover customer funds up to $ 250,000 each in case of bank failures. More than 140 other countries have similar events, according to the International Association of Deposit Insurers.)

& # 39; They're still here & # 39; 19659008] It is also not Zhao alone. Tian Jia, another shareholder, told CoinDesk on Friday that he is maintaining his support for Bitfinex and that he has heard from all his leaders since the news broke late on Thursday.

"They are still there, they are trying to solve problems," he said. (CoinDesk has not received replies to several requests for comment from Bitfinex and Tether about the situation.)

Then Tian said he had no information that Bitfinex had not already published, such as Bitfinex's claim in a statement Thursday night that it is planning to recover the funds. Unlike Zhao, Tian did not have a timeline for this recovery process.

Tian concluded:

"Because it's the customer's money, it's not stolen cryptocurrency, it's fiat. It can't be stolen. It's just frozen by [regulators] and [Bitfinex is] are trying to get it back by approaching Panama and [U.S. Attorney General]. They have been communicating constantly. "

Bitfinex image via Shutterstock


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