The owner of the crypto exchange Bitfinex, iFinex Inc.,
is considering a share buyback offer of $150 million. This initiative aims to
provide relief to the investors, who were originally compensated with BFX
tokens after Bitfinex suffered a substantial hack in 2016.
According to a report by Bloomberg, this proposal is
equivalent to 9% of iFinex's outstanding capital and places the company at a
valuation of $1.7 billion. The offer targets shareholders who obtained iFinex's
stock as part of a swap arrangement with the investment platform BnkToTheFuture
in 2016.
Bitfinex Navigates Control and Compliance
Additionally, the proposed share buyback is driven
by a desire to have more control over the company's operations, especially with
the increasing regulatory scrutiny in the crypto industry. As the regulators
globally intensify their focus on the sector, this buyback could offer iFinex
greater autonomy and financial flexibility.
Following a hack in 2016 that led to a loss of
approximately $71 million worth of Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term on Bitfinex at the time, the crypto exchange
issued BFX tokens. Subsequently, iFinex redeemed the tokens in exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term for its shares through BnkToTheFuture. These shares are the subject of
the buyback offer and give those impacted by the hack a chance to regain some
of their losses.
According to iFinex, the choice to proceed with the
share buyback is influenced by the company's strong performance in recent
years. This strong performance has reportedly resulted in increased requests
for regulatory compliance and transparency from the company. By buying back shares, iFinex aims to ease these demands and provide investors with a
more liquid exit strategy.
Bitfinex’s Recovery Post-hack
The share buyback offer is open to the directors of
iFinex and its subsidiaries. Notably, iFinex Inc. and Tether Holdings Ltd., two
major players in the cryptocurrency industry, share common directors. However,
iFinex's valuation for this buyback was determined internally, with no
assessment from any external third party. The company has given its shareholders
until October 24 to decide whether they wish to participate in this buyback
initiative.
In August, a resident of New York, Ilya
Lichtenstein, admitted to orchestrating the 2016 Bitfinex hack, which resulted
in the loss of approximately $4.5 billion worth of Bitcoins. Moreover,
Lichtenstein confessed to his involvement in laundering the stolen
cryptocurrency. These admissions occurred in a federal court in Washington,
D.C., as Lichtenstein and his wife, Heather Rhiannon Morgan, faced the legal
consequences of their actions.
During the plea hearing, it came to light that
Lichtenstein had converted some of the stolen Bitcoins into gold and hid it in
a secret location. Additionally, Lichtenstein is said to have traveled to
Ukraine and Kazakhstan to launder the stolen funds.
The owner of the crypto exchange Bitfinex, iFinex Inc.,
is considering a share buyback offer of $150 million. This initiative aims to
provide relief to the investors, who were originally compensated with BFX
tokens after Bitfinex suffered a substantial hack in 2016.
According to a report by Bloomberg, this proposal is
equivalent to 9% of iFinex's outstanding capital and places the company at a
valuation of $1.7 billion. The offer targets shareholders who obtained iFinex's
stock as part of a swap arrangement with the investment platform BnkToTheFuture
in 2016.
Bitfinex Navigates Control and Compliance
Additionally, the proposed share buyback is driven
by a desire to have more control over the company's operations, especially with
the increasing regulatory scrutiny in the crypto industry. As the regulators
globally intensify their focus on the sector, this buyback could offer iFinex
greater autonomy and financial flexibility.
Following a hack in 2016 that led to a loss of
approximately $71 million worth of Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term on Bitfinex at the time, the crypto exchange
issued BFX tokens. Subsequently, iFinex redeemed the tokens in exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term for its shares through BnkToTheFuture. These shares are the subject of
the buyback offer and give those impacted by the hack a chance to regain some
of their losses.
According to iFinex, the choice to proceed with the
share buyback is influenced by the company's strong performance in recent
years. This strong performance has reportedly resulted in increased requests
for regulatory compliance and transparency from the company. By buying back shares, iFinex aims to ease these demands and provide investors with a
more liquid exit strategy.
Bitfinex’s Recovery Post-hack
The share buyback offer is open to the directors of
iFinex and its subsidiaries. Notably, iFinex Inc. and Tether Holdings Ltd., two
major players in the cryptocurrency industry, share common directors. However,
iFinex's valuation for this buyback was determined internally, with no
assessment from any external third party. The company has given its shareholders
until October 24 to decide whether they wish to participate in this buyback
initiative.
In August, a resident of New York, Ilya
Lichtenstein, admitted to orchestrating the 2016 Bitfinex hack, which resulted
in the loss of approximately $4.5 billion worth of Bitcoins. Moreover,
Lichtenstein confessed to his involvement in laundering the stolen
cryptocurrency. These admissions occurred in a federal court in Washington,
D.C., as Lichtenstein and his wife, Heather Rhiannon Morgan, faced the legal
consequences of their actions.
During the plea hearing, it came to light that
Lichtenstein had converted some of the stolen Bitcoins into gold and hid it in
a secret location. Additionally, Lichtenstein is said to have traveled to
Ukraine and Kazakhstan to launder the stolen funds.
