Bitfinex Repaid $100 Million to Tether on Oustanding Loan
Cryptocurrency exchange Bitfinex claims to have paid an additional $100 million to Tether as apart of its $700 million outstanding loan to the stablecoin maker.
According to an announcement made on the exchange’s official website, Bitfinex has paid $100 million to Tether in principal on a loan that was reportedly worth over $700 million.
The post reads,
Bitfinex is pleased to announce that on Friday, February 28, 2020, it repaid $100,000,000 of the outstanding loan facility to Tether. Bitfinex made this payment in fiat wired to Tether’s bank account.
Tether, the company behind the leading stablecoin USDT, reportedly loaned Bitfinex more than $700 million last year to make up for the exchange’s $850 million in losses. Bitfinex suffered the staggering debt as a result of its payment processor, Crypto Capital, having its funds seized by authorities in connection to a series of frauds.
Authorities arrested Crypto Capital’s president and principal on conspiracy to commit bank fraud, which led to the freezing of $850 million in Bitfinex funds.
The exchange had previously paid $100 million of the outstanding loan, according to an update made in July 2019.
Featured Image Credit: Photo via Pixabay.com
Credit: Source link