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Cryptocurrency exchange Bitfinex denied what it called ârumorsâ and âallegationsâ about its alleged insolvency on October 7, revealing cold wallet balances in an attempt to prove its financial stability.
âBitfinex Is Not Insolventâ
In a blog post, executives hit back at âwatchful âinvestigatorsââ who it says were âeagerly anticipating and predicting the industryâs collapse.â
âBitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this,â the post reads.
The rebuttal had come as the result of a report claiming that the exchangeâs operations and online actions had led its author, known as âProofOfResearch,â to âbelieveâ it was bankrupt.
Published October 6, the report references âcensorshipâ of Reddit complaints about funds allegedly going missing, along with various other phenomena, including âserious problems with actually depositing and withdrawing cryptocurrency,â âconnection issuesâ and âabsolute failuresâ on the part of customer support staff.
Using either Bitfinex or partner project Tether (USDT) is âsimply unsafe,â ProofOfResearch adds.
Statement by @bitfinex on recent fud⊠TLDR; FUD has no impact on our operations, survivability, or solvency. pic.twitter.com/NIlnz9DWlU
â WhalePanda (@WhalePanda) October 7, 2018
Exchange Distances Itself From Noble Bank âEntityâ
Bitfinex appeared to take the findings to heart, in retaliation linking to three cold wallets containing Bitcoin, Ether and EOS which it says constitute only a âsmall fractionâ of its total reserves. âHow any rational party can claim insolvency when the opposite is there for all to see is interesting and, once again, perhaps indicative of a targeted campaign based on nothing but fiction,â it continued.
Deposits and withdrawals were also âfunctioning as normal,â the post stated, contradicting the ProofOfResearch claims including any exposure to the alleged financial difficulties of Tetherâs former reserve bank Noble Bank.
As Bitcoinist reported last week, referencing anonymous sources speaking to Bloomberg, Noble has since lost both Tether and Bitfinex as clients and is seeking a buyout.
âStories and allegations currently circulating mentioning an entity called Noble Bank have no impact on our operations, survivability, or solvency,â Bitfinex wrote.Â
What do you think about Bitfinexâs anti-insolvency claims? Let us know in the comments below!Â
Images courtesy of Shutterstock, Twitter.
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