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Topic: Was it really possible for Bitfinex to amass $65m from their issued tokens? - page 2. (Read 1706 times)

hero member
Activity: 1792
Merit: 534
Leading Crypto Sports Betting & Casino Platform
I assume lots of people took a payout before the tokens gained their full value so it won't be anywhere near that full figure.
I'm sure that was Bitfinex's tactic for avoiding paying the full amount.  They would never have actually been able to pay it out so they just release a token which no one expects them to repay anyway.

These are not the actions of a reputable service.
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
I assume lots of people took a payout before the tokens gained their full value so it won't be anywhere near that full figure.
hero member
Activity: 938
Merit: 502
I'm sure they spend millions as well. It would take several years of 0.2% transaction fees to save up $65 million.
very interesting. i checked via https://data.bitcoinity.org/markets/volume/6m?c=c&exchange=bitfinex&t=b
and their total volume was $3,179,103.85 in the past 6 months and with 0.2% trading fee they can make $12,716.41 (an exchange take fee twice from the one making the order and the one filling it although fees may be different).

to make millions they had to have other ways of making money! margin trading fees, if that is a thing (i have never looked at it!), lending (if they have it), trading themselves on their own platform or other places, also they have altcoins too so we should consider those volumes too.


Your numbers are wrong. The data is in bitcoin, not fiat. 3,180,000 BTC volume in 6 months. This is a huge difference.
legendary
Activity: 4410
Merit: 4766
bitfinex did not get $65m from exchange fee profits.

they grabbed funding from https://bnktothefuture.com


£42.66m=$54.5m

and now using that to pay out to users in debt

but taking from peter to pay paul is also known as a ponzi. so dont think that bitfinex's finances/drama is over anytime soon
sr. member
Activity: 812
Merit: 251
I'm sure they spend millions as well. It would take several years of 0.2% transaction fees to save up $65 million.

Wel it's also possible they borrowed in order to settle up those debts as it's almost a year now and something needs to be done to salvage their image.
legendary
Activity: 3542
Merit: 1965
Leading Crypto Sports Betting & Casino Platform
I'm sure they spend millions as well. It would take several years of 0.2% transaction fees to save up $65 million.
very interesting. i checked via https://data.bitcoinity.org/markets/volume/6m?c=c&exchange=bitfinex&t=b
and their total volume was $3,179,103.85 in the past 6 months and with 0.2% trading fee they can make $12,716.41 (an exchange take fee twice from the one making the order and the one filling it although fees may be different).

to make millions they had to have other ways of making money! margin trading fees, if that is a thing (i have never looked at it!), lending (if they have it), trading themselves on their own platform or other places, also they have altcoins too so we should consider those volumes too.

I think the margin trading could have yielded a lot of profit, but the probability could be that they found the lost coins, < some employee within the company came forward > and that they slowly but surely worked the returned coins back into the system. < trading those stolen coins and taking the fees back into the system >

This is just a conspiracy theory, and something the banks are doing. They force people to keep quite, when they get hacked and it was a inside job. < friend of mine got his stolen money back, but he had to make a deal with their lawyers to keep quite about it > 
legendary
Activity: 3472
Merit: 10611
I'm sure they spend millions as well. It would take several years of 0.2% transaction fees to save up $65 million.
very interesting. i checked via https://data.bitcoinity.org/markets/volume/6m?c=c&exchange=bitfinex&t=b
and their total volume was $3,179,103.85 in the past 6 months and with 0.2% trading fee they can make $12,716.41 (an exchange take fee twice from the one making the order and the one filling it although fees may be different).

to make millions they had to have other ways of making money! margin trading fees, if that is a thing (i have never looked at it!), lending (if they have it), trading themselves on their own platform or other places, also they have altcoins too so we should consider those volumes too.
newbie
Activity: 15
Merit: 0
..... They make millions in transaction fees each month........
legendary
Activity: 2898
Merit: 1823
Bitfinex says everything is fine and that they have enough funds to pay off all their customers. Is it because they have already made back the lost $65m that was hacked from their exchange?

How did they make it back so quickly and where did the money that large come from?
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