Bitfinex hits out at insolvency and banking rumours

Bitfinex has responded to recent online rumours suggesting all is not well at the crypto trading platform.

In a blog post, it stated: “Bitfinex introduced fiat operations in 2015 to act as a global point-of-access to traders wishing to enter the digital asset space. There have been ups and downs along the way, with complications scrutinised by watchful ‘investigators’ eagerly anticipating and predicting the industry’s collapse. These parties are quick to scream insolvency, seemingly with little understanding of what this concept means and what they are generally talking about.”

Beginners guide to cryptocurrency exchange Bitfinex

It then moves on to address various allegations that have been doing the rounds. To quote the blog post:

1. Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this. As one of only a very few exchanges operating since 2013, with a small team and low operating costs, we do not entirely understand the arguments that purport to show us to be insolvent without providing any explanation about why. The wallets below represent a small fraction of Bitfinex cryptocurrency holdings and do not take into account fiat holdings of any kind.

• Bitcoin cold wallet 1
• Ethereum cold wallet 1
• EOS cold wallet 1

How 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.

2. Both fiat and cryptocurrency withdrawals are functioning as normal. Verified Bitfinex users can freely withdraw Euros, Japanese Yen, Pounds Sterling and US Dollars. Complications continue to exist for us in the domain of fiat transactions, as they do for most cryptocurrency-related organisations. However, we continue to do our utmost to minimise any waiting times associated with fiat deposits and withdrawals.

3. Stories and allegations currently circulating mentioning an entity called Noble Bank have no impact on our operations, survivability, or solvency.As always, we appreciate your continued support as we continue to service our customers and their needs in the digital token economy.