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Bitfinex announced a $ 100 million refund to Tether after the DDoS attack

Hours after a major denial of service (DDoS) attack, Bitfinex announced it had repaid a portion of the loan with Tether.

In one post on the February 28 blog, Bitfinex revealed that the exchange had repaid $ 100 million of the unpaid loan to his half-brother Tether (USDT).

Similar to the previous refund in July 2019, Bitfinex processed fiat transactions via wire transfer to Tether's bank account. According to the post, the payment was made for the entire principal and interest account, while the interest for all agreed amounts was paid up to March 2020.

The new $ 100 million repayment marks yet another move in Bitfinex and Tether's long-standing controversial relationship as both companies are facing class-action lawsuits accusing them of manipulating the money market. electronic. Although the cryptocurrency community is actively involved in the class action lawsuit, with prominent Bitcoin influencer Andreas Antonopoulos recently expressed support for one of the legal groups in the lawsuit, both Bitfinex and Tether still remain. Continue to deny allegations that the company is involved. manipulating the cryptocurrency market.

As a result, Tether once again denied the allegations that the company used the USD to manipulate Bitcoin prices in the blog. In another statement, iFinex, the company behind Tether, argued that market manipulation claims were a reckless and false allegation, stating:

The allegations in the complaint are unkind and have sufficient legal grounds, demonstrating a basic lack of understanding of the market structure of cryptocurrencies. Indeed, it is reckless and wrong to assume that USDT was issued to manipulate the market.

Moreover, Tether is also the subject of another controversial topic in the cryptocurrency community, based primarily on the existing skepticism regarding Tether's reserve policy. Launched in 2014, Tether is the first stablecoin backed by the US dollar at a 1: 1 ratio. For the past two years, industry critics have speculated that Tether does not have a corresponding amount of cash reserves. in your bank account to support the amount of USDT in circulation.

Yesterday, the Bitfinex exchange suffered multiple DDoS attacks along with another major exchange, OKEx. Then OKEx CEO Jay Hao offered a bounty as a challenge to the team responsible for the hack, claiming that OKEx was well prepared to deal with tons of tons. public such. As a result of the attack, Bitfinex went into maintenance mode, and now it is back to normal.


According to Cointelegraph

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