Bitfinex statement in the midst of Tether storm: fiat deposits open in 24 hours

15 Oct, 2018
by Jelmer van der Dussen
Breaking News
Bitfinex statement in the midst of Tether storm: fiat deposits open in 24 hours

In the midst of a massive Tether sell-off, Bitfinex has come out with a statement that a new 'and increasingly robust' fiat deposit system will be available in the next 24 hours.

On October 11, Bitfinex suspended fiat deposts for the Euro, US Dollar, Japanese Yen and Pound Sterling. This led to new rumors that Bitfinex and its stablecoin Tether are insolvent, rumors that started to spread around a few days before Bitfinex decided to close down deposits. Bitfinex debunkend those rumors by stating that 'Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this.'

Now, with Tether dropping in price fast leading to a Bitcoin pump and a surge of other stablecoins, Bitfinex has come out with a statement announcing that fiat deposits will be open again on Tuesday October 16. 'We are working to implement a new and increasingly robust fiat deposit system to be available in the next 24 hours, by Tuesday, October 16, 2018, to allow for the efficient processing of fiat deposits', Bitfinex states. 'Until then, we apologise for the inconvenience of the situation.'

Bitfinex clarifies that all cryptocurrency and fiat withdrawals are processing as usual. 'Fiat deposits have been temporarily paused for certain user groups.', the exchange states.

Tether is currently trading at $0,97.

Read more:
What's going on with Tether? Trading as low as $0,86, 'a lot of volatility ahead'
'Stablecoins' TUSD and PAX trading for $1,14 and higher following Tether sell-off
Bitfinex premium on BTC up $400, USDT drops over 3% as markets pump on Monday

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