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Bitfinex’s ‘Sister Exchange’, Ethfinex, Rebrands Independently as DeversiFi

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The crypto exchange space is set for another major rebrand following the move by Ethfinex Trustless that evolved to DeversiFi as of August 13, 2019. This will see the former sister to Bitfinex position itself as the sole high-speed decentralized coin exchange with high liquidity for crypto traders. Furthermore, traders using the new DeversiFi platform can be able to carry out trades whilst their digital currencies remain held in private wallets.

Ethfinex began its operations in Q3 of 2018 when it pioneered as a P2P platform for ERC20 based tokens. The decision to rebrand its outlook is pivotal in making the exchange competitive as it shifts to focus on settling for institutions as opposed to its previous retail clientele. Before its rebrand, Ethfinex had acquired a customer base of close

to 10,000 with its footprint mainly in Europe.

According to Will Harbone, DeversiFi CEO, the change in strategy is not only a rebrand but a move to scale opportunities for growth. The CEO while speaking to The Block mentioned that among the selling points were lower fees and products regulated as per the current laws. However, the rebrand seemed to have coincided with the pressure on Bitfinex’s $850 million alleged fraud currently under investigation by New York’s AG office.

DeversiFi is set to set itself apart and compete with large exchanges by reducing execution time, narrower spreads and liquidity within its ecosystem. The Ethfinex user interface will also be altered to reflect its new brand in addition to the software features.

Nectar (NEC), the ERC20 token created for Ethfinex’s ecosystem is also undergoing an overhaul to make it well compatible with DiversiFi’s design. This is in line with the growth in needs, both regulatory and technological since it was launched back in 2017.

Harbone noted that next on the roadmap for DeversiFi would be acquiring approval within the European zone while mobilizing for development funds. The biggest challenge so far appears to be establishing DeversiFi as a sole brand given it heavily relied on Bitfinex during its early growth stages.

Source. bitcoinexchangeguide.

Bitfinex

Bitfinex market manipulation lawsuit refiled in New York and joined by second case

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An Oct. 10 class-action lawsuit filed against iFinex Inc., the parent company of Bitfinex and Tether, was refiled on Jan. 8 in New York’s Southern District. The lawsuit by Young et al. was followed on the next day by a similar class-action filing

by Bryan Faubus.

The original lawsuit alleges that iFinex manipulated the cryptocurrency market in 2017 by issuing unbacked Tether (USDT) that was then sold for Bitcoin to increase its price. Plaintiffs argue that the common belief that each USDT represented one real dollar led traders to eagerly participate in the market, boosting it by an excessive amount that later led to the 2018 bear market.

An Oct. 10 class-action lawsuit filed against iFinex Inc., the parent company of Bitfinex and Tether, was refiled on Jan. 8 in New York’s Southern District. The lawsuit by Young et al. was followed on the next day by a similar class-action filing by Bryan Faubus.

The original lawsuit alleges that iFinex manipulated the cryptocurrency market in 2017 by issuing unbacked Tether (USDT) that was then sold for Bitcoin to increase its price. Plaintiffs argue that the common belief that each USDT represented one real dollar led traders to eagerly participate in the market, boosting it by an excessive amount that later led to the 2018 bear market.


source: fxstreet


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Bitfinex

Bitfinex to file a motion to dismiss $1.4 trillion worth class action law suit

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  • Bitfinex denies the accusations and fines a motion.
  • The exchange explained its position in this case in a recent blog post.

The cryptocurrency exchange Bitfinex intends to file a motion to the Southern District of New York to dismiss the “frivolous class-action lawsuit” to the tune of $1.4 trillion.

Last month, a group of investors filed a class-action lawsuit against iFinex Inc., its subsidiaries and top managers, accusing them of violating the U.S. Commodity Exchange Act, the RICO Act, money laundering, Pump & Dump schemes, market manipulation through the issuance of USDT and deliberate fraud of investors.

Bitfinex believes the allegations are unfounded and insufficient “even for the earliest stage of the trial.” Representatives of the exchange emphasized that a significant part of the arguments is based on a recent study by professors John Griffin and Amin Shams. According to the document, a major player at Bitfinex allegedly could control the price of bitcoin in 2017 and the rally was the result of market manipulations.

The company is convinced that the study contains “methodological flaws”, and the statement that only one whale could cause a rapid rally of bitcoin is “ridiculous”.

Read also: Bitfinex denies money laundering and claims to be a victim of fraud

The complaint also ignores an array of other factors that contributed to the spike in the price of bitcoin in 2017. Furthermore, the complaint claims, without evidence and in defiance of reason, that somehow Tether manipulated a

market more than seven hundred times the size of total Tether USDT issuances in circulation between March and December of 2017, something that any sophisticated and rational observer of the digital token ecosystem knows to be ridiculous”.

Finally, Bitfinex stressed that it intends to zealously defend the interests of the company, its users, stakeholders and the cryptocurrency community.

Notably, the founder of Crypto Capital, Oz Yosef, who is involved in the Bitfinex bitcoin exchange case against the state of New York, was charged with bank fraud at the end of October.

Shortly before this, Bitfinex issued a statement according to which the exchange not only did not help Crypto Capital with money laundering but also became a victim of fraud.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

source:fxstreet

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Bifinex is readying the launch of options and gold-backed Tether for early 2020

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  • Cryptocurrency exchange Bitfinex set to launch options and gold-backed Tether.
  • CTO Paulo Ardoino was detailed that the plans are for Q1 2020 for the new products. 

The Chief Technology of Bitfinex cryptocurrency exchange, recently revealed that the firm’s ambitious plans for 2020. They include a debut within the options offering, in addition to gold-backed Tether. In

CTO Paulo Ardoino was speaking in a podcast with the BlockCryto, he covered ground on much of the issues ranging from the allegations of market manipulations, to then provide some details on upcoming products that Bitfinex plans to offer including options and a gold-backed stablecoin. 

Ardano said:

So our goal is to launch options in Q1 2020. We are working, so in order to trade futures on Bitfinex, you have to be verified. And we are excluding, of course, also certain jurisdictions like Canada and few others, because we believe that we want to be really protective of our users. 

He added:

Tether gold. I think that what excites me is to seed or give the ability of letting

people to to use tether gold and having a sort of comparison between physical gold and digital gold that is bitcoin.  Of course, we’ll be fully gold-backed. We are working the system to be sure that every single you know, every single tether gold is linked to a specific gold bar

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

source:fxstreet

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