Exchanges

Tether receives remaining $550 million Bitfinex loan payment

Cryptocurrency exchange Bitfinex has repaid the remaining $550,000,000 balance of an outstanding loan to its sister company Tether.

In a comment shared with Coin Rivet, Bitfinex’s General Counsel, Stuart Hoegner, revealed that the payment was made in fiat currency and was wired to Tether’s Deltec bank account.

According to The Block, a credit line worth $900 million was opened by Tether, $750 million of which was used by Bitfinex.

Tether is currently embroiled in a legal dispute with the New York Attorney General’s Office (NYAG), which alleges that Bitfinex lost $850 million after payment processor Crypto Capital seized the funds.

However, Hoegner has now demystified many of the Tether-related fears leading up to the NYAG’s submission deadline later this month.

He said: “Bitfinex is happy to announce that in January it repaid the remaining balance of $550,000,000 of the outstanding revolving loan facility to Tether.

“Bitfinex made this payment in fiat currency wired to Tether’s bank account. The loan has now been repaid early and in full and the line of credit has been cancelled.”

Bitfinex is the fifth largest digital asset exchange in terms of trade volume, with its spot markets regularly exceeding $1 billion over 24-hours.

Coin Rivet has requested proof of Bitfinex’s loan payment and will update this article accordingly.

For more news, guides and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

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