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Bitfinex moves all funds to safer bank, denies HSBC bank partnership

11 Oct, 2018
by Ryan Boltman
News
Bitfinex moves all funds to safer bank, denies HSBC bank partnership

Following the recent rumors of Bitfinex and its affiliated firm Tether being insolvent, the companies have moved all their funds to a safer bank, according to shareholder Zhao Dong.

8BTC reports that Zhao Dong, a prominent OTC bitcoin trader, announced that the relationship with HSBC bank was in fact fake but that Bitfinex had parted ways with their partner bank, Noble Bank. 

According to CFO Giancarlo Devasini, Tether and Bitfinex have $66.78 left in their Puerto Rico bank account with Noble Bank. 

Dong spoke about the recent rumors related to the insolvency of Bitfinex and Tether which had spread like wildfire. 

Recap: "Bitfinex is not insolvent": company publishes response to online rumors

The initial rumor came from a now deleted medium post claiming that Bitfinex was insolvent and was having trouble paying out client withdrawals. 

Bitfinex backed up the rumor by showing off one of their cold wallet address which held $1.5 billion in BTC, ETH and EOS tokens. 

Dong mentions that the safer bank that Bitfinex and Tether have moved all their funds to will not be named to avoid regulatory scrutiny from the U.S financial regulators. 

Bitfinex and Tether appear to be operating just fine and the FUD spread about the insolvency issues appear to be unfounded. 

Image from Gyazo

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