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Bitcoin is currently down by 2.17 percent in a 24-hour period, with the cryptocurrency trading at $5,220 as of this writing. One of the major reasons for Bitcoin’s price falling down is the latest news surrounding Bitfinex.
The cryptocurrency exchange has recently been accused of fraud by New York’s attorney general. In a legal filing slapped against Bitfinex, it accuses the exchange of masking $850 million in missing funds by raiding the reserve of Tether. Tether is a cryptocurrency used by a lot of users to operate within the crypto market to transition between different altcoins including Bitcoin, Fortune reported.
After news broke out, Bitcoin suffered a downward trend of 6 percent and prompted users to be wary of Bitfinex. Interestingly enough, the accusation comes amidst another resurfacing of an issue involving the exchange; the incident occurring back in May 2015 and August 2016.
During those times, Bitfinex was supposedly attacked by hackers who took around 1,500 Bitcoins in 2015 and $72 million worth of Bitcoin in 2016. Now, Reddit user Jankeldidi posted that those stolen Bitcoins have been moved today.
About 550 Bitcoins is said to have been transferred from accounts linked to the abovementioned breaches. With the recent allegations and the moving of the stolen funds, some users expressed their skepticism at the practices of Bitfinex.
The exchange has quite the questionable history, particularly its supposed involvement with the practices of Tether. Although bigwigs within the company maintain that the two are operating independently, the attorney general is of the opinion that both are being controlled by a single entity. Hours after the news broke out, Bitfinex posted on its subreddit page and informed the community that the team is reviewing the documentation. Deemed vague and unhelpful, some users expressed their fears and frustration, stating that they’re going to pull out their capital from the platform. There’s no doubt that this allegation will affect Bitcoin’s price soon, prompting yet another probing on the crypto market as a whole.
