Every move by Bitfinex is being analyzed and dissected by the crypto community due to NYAG’s case on the former. One might speculate that this might be costing Bitfinex millions. Bitfinex’s cold wallet debited 12,511 BTCs at 15:11 UTC on May 07.
Bitfinex’ed, the most well-known critic of Bitfinex and Tether posted a tweet about the moved BTC.
Another 12,000 Bitcoins withdrawn from Bitfinex. I still expect Bitfinex to engage in some drastic actions once they get to around 50,000 Bitcoins in total, or just before that such as temporarily suspending withdrawals indefinitely. pic.twitter.com/mz8wWI5N4H
— Bitfinex’ed — full stop. (@Bitfinexed) May 7, 2019
The above-mentioned sum was moved from Bitfinex’s cold wallet – 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r to another wallet – 3JZq4atUahhuA9rLhXLMhhTo133J9rF97j . This transaction leaves Bitfinex with a balance of 76,892.85 BTC, which, at press time, was worth approximately, $453.85 million.
The receiver of the said funds was quick enough to split the funds and move it to different wallets, making the balance of the receiver, at press time, zero.
Not too long ago, Bitfinex moved substantial funds, both in Bitcoin and Ethereum, which was also noticed by the crypto community. Mati Greenspan of eToro tweeted:
Here’s one of the cold wallets known to belong to @bitfinex.
As you can see the balance has dropped from 119k BTC on April 26th to 89k BTC at the moment.
Are people pulling out? pic.twitter.com/PlxC99bPlN
— Mati Greenspan (@MatiGreenspan) May 3, 2019
At the start of 2019, Bitfinex had approximately 138,000 in Bitcoin, which (at that time) was worth $518 million. In terms of BTC, Bitfinex’s cold wallet has depreciated by 45% in the last four months. The depreciation was seen in other wallets held by Bitfinex as well.
A Twitter user @KyleSGibson commented:
“Bitfinex most secure ecchange – Is Best for business! i like BTX becaus it`s security. my coins are unacesssible!!!”
Another Twitter user @150C_Vapor commented:
“I’m guessing the drastic action will be to shutdown and go into some kind of fake creditor protection with “custody” over the wallets? Of course the terms of their loans are all arbitrary, retroactive if need be, and would not be in anyones favor except the fraud participants.”