Bitfinex users unable to withdraw funds, $430 million drained from exchange cold wallets

An ongoing investigation into iFinex Inc. seems to have caused an exodus of traders out of Bitfinex. Approximately $430 million worth of Bitcoin and Ethereum have exited the exchange’s cold wallet. Moreover, an increasing number of users report issues with withdrawing funds from the platform.

On Apr. 25, 2019, the attorney general of the State of New York, Letitia James, disclosed that it had obtained a court order against iFinex Inc.—the parent company that operates Bitfinex and owns Tether Ltd.— for engaging in a cover-up to hide the apparent loss of $850 million. While the firm is being investigated for bank fraud, it was ordered to cease further dissipation of the US dollar assets which back the USDT stablecoin.

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