can bitfinex be trusted

Despite ongoing concerns over its alleged involvement in the Tether controversy and the QuadrigaCX collapse, Bitfinex maintains its popularity and positive user reputation as one of the oldest cryptocurrency exchanges.

Oct 26, 2024 at 09:20 am

Can Bitfinex Be Trusted?

Bitfinex is a cryptocurrency exchange that was founded in 2012. It is one of the oldest and most popular exchanges in the world, and it has a good reputation among users. However, there have been some concerns raised about Bitfinex's trustworthiness in recent years.

1. The Tether Controversy

One of the biggest concerns about Bitfinex is its relationship with Tether, a stablecoin that is pegged to the US dollar. Tether has been accused of being a fraud, and there have been concerns that Bitfinex is using Tether to manipulate the price of Bitcoin and other cryptocurrencies.

2. The New York Attorney General's Investigation

In 2019, the New York Attorney General's office launched an investigation into Bitfinex and Tether. The investigation is ongoing, but it has already raised some serious questions about the exchanges' operations.

3. The QuadrigaCX Collapse

In 2019, QuadrigaCX, a Canadian cryptocurrency exchange, collapsed. The collapse was caused by the death of the exchange's founder, Gerald Cotten. QuadrigaCX owed its users over $190 million, and it is believed that Cotten stole most of the money before he died.

Bitfinex has been accused of being involved in the QuadrigaCX collapse. Some people believe that Bitfinex helped Cotten to steal the money from his users.

4. The Bitfinex Hack

In 2016, Bitfinex was hacked. The hackers stole over $70 million worth of Bitcoin. Bitfinex was able to recover some of the stolen Bitcoin, but it is still unclear who was responsible for the hack.

Conclusion

There are some legitimate concerns about Bitfinex's trustworthiness. The exchange has been involved in a number of controversies, and it is still unclear what role it played in the collapse of QuadrigaCX. However, Bitfinex remains one of the most popular cryptocurrency exchanges in the world, and it has a good reputation among users.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Fear & Greed Index

Trade Now

Biggest Gainers

HT

$0.4821

4723887.22%

Trade Now
TOSHI

$0.0...04636

29.91%

Trade Now
FAI

$0.0182

29.73%

Trade Now
0x0

$0.0818

25.33%

Trade Now
RED

$0.5844

22.26%

Trade Now
PI

$1.7206

19.45%

Trade Now

Latest Crypto News

The Orb: How Sam Altman's Worldcoin Project Is Using Biometric Data to Create a Global Identity and Financial Network
2025-03-13 10:25:51
Use our BetMGM bonus code WTOP1500 to make your favorite bet of the week.
2025-03-13 10:25:51
Trump administration establishes 'digital gold' Bitcoin reserve
2025-03-13 10:25:51
RENDER Price Action Is Mirroring a Recurring Trend – Here's What the Chart Shows
2025-03-13 10:25:51
BTFD Coin (BTFD) Market Cap, Price, Charts, and More
2025-03-13 10:25:51
Pi Network Coin Breaks Out Past $1.50 Barrier, Eyeing the $1.80 Mark
2025-03-13 10:25:51

Related knowledge

Top 10 most trusted cryptocurrency trading platforms

Mar 12,2025 at 03:36pm

In the cryptocurrency world, choosing a reliable trading platform is like looking for the Holy Grail. Don’t worry, we have done the hard work for you and sorted out the top ten cryptocurrency trading platforms that users trust. Whether you are a crypto novice or an experienced trader, these platforms can meet your needs.1. CoinbaseCoinbase is like a fri...

Best Cryptocurrency Exchanges Global Ranking

Mar 12,2025 at 03:31pm

In the cryptocurrency space, choosing a reliable and high-quality exchange is crucial. With the continuous development of the market, many exchanges have emerged, dazzled investors. The following brings you the best cryptocurrency exchanges in the world to help you find the best platform for you among the many choices.BinanceFounded in 2017, Binance has...

Top 10 authoritative ranking of global digital currency exchanges

Mar 12,2025 at 03:30pm

Amid the booming wave of digital currencies, choosing a reliable and suitable exchange is crucial. Here are the authoritative rankings of the top 10 digital currency exchanges around the world to guide your investment journey.1. BinanceBinance is undoubtedly one of the largest cryptocurrency trading platforms in the world. It is committed to creating a ...

Top 10 Most Influential Cryptocurrency Exchanges

Mar 12,2025 at 03:28pm

In the cryptocurrency space, choosing a reliable and influential trading platform is crucial. These platforms not only provide a place to buy and sell cryptocurrencies, but also greatly affects market trends and investor decisions. The following is a guide to the top ten most influential cryptocurrency trading platforms.BinanceBinance is one of the larg...

The top ten cryptocurrency exchanges in the world

Mar 12,2025 at 03:27pm

In 2025, the cryptocurrency market continues to expand, and competition among major exchanges around the world remains fierce. The following is the ranking of the top ten cryptocurrency exchanges in the world selected in 2025 based on the platform's security, transaction volume, handling fees, user experience and global influence. In this ranking, B...

Ranking of the world's leading digital currency exchanges

Mar 12,2025 at 03:26pm

In the wave of digital currencies, choosing a reliable and efficient exchange is crucial. To help investors make informed choices across a wide range of platforms, we have carefully compiled the rankings of the world's leading digital currency exchanges.BinanceBinance is undoubtedly a giant in the global cryptocurrency field. It has licenses in mult...