Paolo Ardoino appointed new CEO at Tether.
iFinex proposes $150M share buyback from Bitfinex hack affected users: Report
Bitfinex hack victim from 2016 received iFinex shares as a form of compensation as the crypto exchange didn’t have enough cash at hand to make users whole.
Tether treasury receives two $50M USDT lump sums from Bitfinex
Two transactions showed lump sums of $50 million in USDT transferred from Bitfinex to the Tether treasury only a few minutes apart.
Bitfinex to Enhance Clients’ Assets Security Using Zodia Custody’s Interchange Product
Zodia’s Interchange allows clients to keep their assets on its platform, while their holdings are mirrored and available on an exchange for trading.
How big is Bitcoin in Lugano? Decentralize with Cointelegraph goes to BTC school
Adam Back, Paolo Ardoino and enthusiastic students from all over the world share insights on Bitcoin school as well as crypto adoption in Switzerland.
Long-Term Bitcoin Holders Keep The Faith: 40% Supply Remains Untouched For Over 3 Years
A recent report from Bitfinex has shed light on a trend in the Bitcoin market. The report shows despite the unpredictability of the crypto market; long-term Bitcoin holders appear to be playing the patience game, signaling a buoyant outlook on the digital currency.
This resilience and sense of optimism come to the fore as Bitfinex’s Alpha report reveals roughly 40% of Bitcoin’s total supply has remained untouched for over three years, marking an all-time high.
Bitcoin Dormant Supply Hits Record Highs
The latest Bitfinex report illuminates that about 40% of Bitcoin’s supply has not witnessed any movement for more than three years. Based on the Coin Days Destroyed metric, the findings further highlight that this portion of the BTC has remained inactive on-chain.
Analysts at Bitfinex, in a note, deduced that this pattern highlights a prevailing mood of confidence, hinting at possible stability in the face of usual market fluctuations. The analysts noted:
This behavior insinuates a broader sentiment of optimism and potential resilience against market volatilities.
It is worth noting that such a trend can be interpreted as a clear indication that long-term Bitcoin enthusiasts are maintaining a bullish perspective.
Contrasting Metrics: Narrower Timeframes Hint At Bearish Sentiments
While the three-year metric paints a promising picture of enduring confidence, the picture is slightly different when the lens narrows to a one-year timeframe. Within this shorter period, the inactive supply metric points towards a bearish sentiment, hinting at potential price drops.
Bitfinex’s report stated: “Our analysis indicated that movements on this timeframe preceded the price drop.” A case in point is the sudden major Bitcoin fall on August 17, which led to the loss of roughly over $1 billion in liquidations.
This crash plunged BTC’s value momentarily to the $25,000 zone. The analysis by Bitfinex suggests that this crash can be attributed, in part, to the “newer” long-term holders.
According to the report, these individuals, who secured their positions during the bear market, are now experiencing a sense of “unease without succumbing to panic.”
Meanwhile, following the conclusion of the legal battle between the US Securities and Exchange Commission (SEC) and crypto asset manager Greyscale, in which the latter emerged victorious, Bitcoin experienced a notable surge.
BTC is trading above $27,000 when writing and marking a 5.2% increase in the past 24 hours. This news is especially significant considering BTC was hovering just below $26,000 and moving sideways before the announcement.
Featured image from Unsplash, Chart from TradingView
Did Razzlekhan’s Husband Really Hack Bitfinex?
“Ilya is a f***ing idiot,” says former U.S. “Most Wanted” hacker Brett Johnson, who questions yesterday’s bombshell confession.
Individual charged with money laundering admits to hacking Bitfinex in 2016: Report
The identity of the hacker or hackers behind an exploit that removed more than 100,000 Bitcoin from Bitfinex in 2016 had only been the subject of speculation until Aug. 3.
New York Resident Ilya Lichtenstein Admits to Being Bitfinex Hacker in Court Appearance: CNBC
Couple behind Bitfinex money laundering scheme reach plea deal with US prosecutors
Ilya Lichtenstein and Heather Morgan are scheduled to appear for an arraignment and hearing on Aug. 3 as part of a plea agreement with U.S. prosecutors.
‘Razzlekhan,’ Husband Make Plea Deal in Bitfinex Hack Laundering Case Worth Billions
The pair will forfeit the proceeds from nearly 120,000 bitcoins they allegedly laundered from the hacked crypto exchange.
US Homeland Security returns $314K from 2016 Bitfinex hack
The funds were seized by U.S. Customs and Border Protection. Recovery efforts for the remaining funds are ongoing.
Crypto Biz: Binance’s chaotic June, miners gear up for halving, Bitfinex’s Latam expansion
This week’s Crypto Biz looks at the story behind Binance’s debanking in Australia, Bitcoin miners preparing for the next halving, and Bitfinex’s expansion in Latin America.
Bitfinex launches P2P trading platform in Venezuela, Argentina and Colombia
The launch announcement followed expansion moves by Bitfinex into El Salvador and Chile through licensing and partnerships, respectively.
Bitfinex Launches Peer-to-Peer Trading Platform in Argentina, Colombia and Venezuela
Users will be able to buy and sell bitcoin, ether, USDT, EURT and XAUT.
Tether and Bitfinex pledge $100K grant for private operating system
“If you’re serious about security, @QubesOS is the best OS available today,” commented Edward Snowden in a previous tweet.
Tether CTO clarifies $1B USDT mint on Ethereum is for chain swaps
The move is Tether’s second $1 billion mint in two months, bringing the total USDT minted by the stablecoin issuer in 2023 to over $16 billion.
Bitfinex Invests in Chilean Crypto Exchange OrionX to Expand Presence in Latin America
Orionx plans to expand into Mexico, Peru and Colombia by 2024.
Bitfinex partnership pushes crypto adoption in Latin America
Bitfinex announced a new investment in the Chile-based crypto exchange in an effort to boost crypto adoption in Latin America.
Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
A press release shared with Bitcoinist claimed that Bitfinex partnered with crypto bank OrionX. The cooperation will allow the trading venue to strengthen its foothold in the Latin American region by targeting key countries with a high demand for crypto products.
Bitfinex Grows In Latin America, What’s Behind Deal With OrionX?
Based in Chile, OrionX was launched 2017 as a crypto trading platform. In the following years, the company has become a powerhouse in its home country, and it’s looking to expand into Peru, Colombia, and Mexico as it targets one million users by 2024.
In that sense, the cooperation with Bitfinex will allow the crypto bank to use its partner’s expertise as a worldwide platform. OrionX might benefit from Bitfinex’s capabilities with multiple products, such as trading, staking, and crypto lending.
Thus, the Latin American platform is seeking to increase its chances of succeeding in its expansion. In the meantime, Bitfinex seeks to increase its presence in the region.
Cofounder of OrionX Joel Vainstein stated about the partnership:
Having a strategic collaboration with a company like Bitfinex will play a vital role in advancing our project in LATAM. We firmly believe that their involvement will provide a substantial impetus to our capital raising activities. We are confident that their extensive experience and proven product portfolio will expedite our own product development and user base expansion, positioning us as the benchmark in the region.
Since 2021, the crypto trading venue has doubled its efforts to work with Latin American projects. Per the release, the company partnered with several organizations to promote Bitcoin and decentralized technologies, such as “Mi Primer Bitcoin,” based in El Salvador.
In addition, the crypto trading venue has been promoting financial and scientific education via its contribution to a Paraguay-based NGO called Penguin Academy. Bitfinex sponsored a three-week boot camp focused on teaching women coding skills.
The cooperation with OrionX is taking these efforts to the next level. The partners recognize the region’s need for financial products and services and are preparing to offer an alternative to the legacy financial system.
According to Paolo Ardoino, CTO at Bitfinex:
We’re excited to collaborate with Orionx as we look to expand our presence in Chile and across Latin America. This represents a major step forward in our efforts to harness the power of Bitcoin and decentralised technology to promote financial freedom and empower businesses that share our values. We look forward to working even more closely with the team at Orionx to support its growth and development going forward.
Latin America is one of the fasting regions adopting cryptocurrencies and digital assets. This metric has been expanding by 40% year-on-year, per data from Chainalysis.
In countries like Venezuela and Argentina, crypto is a lifeline for people looking to send and receive money from their families abroad, an investment vehicle to shield from hyperinflation, and a medium of exchange more effective than their local currencies.
Cover image from Unsplash, chart from Tradingview
