Tether receives remaining $550 million Bitfinex loan payment

Digital asset platform Bitfinex has paid off the remaining $550 million of a loan issued by its sister company Tether, according to its General Counsel

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.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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