Bitfinex in a medium article also stated, that all crypto-fiat withdrawals have been processing and so are the fiat withdrawals. Fiat deposits (USD, GBP, JPY, and EUR) on the other hand have been paused for certain user groups. Bitfinex summarised saying,
We are working to implement a new and increasingly robust fiat deposit system to be available in the next 24 hours, by Tuesday, October 16, 2018, to allow for the efficient processing of Fiat deposits. Until then, we apologize for the inconvenience of the situation.
The exchange in recent days has come under the investigating eyes for its wide use of stable coin Tether. This is due to the fact that there haven’t been any transparent audits to prove if USD actually backs the tether.
Bitfinex has been facing a lot of speculation not just for the use of a tether, but also for dumping thousands of BTC rapidly. This has caused users to speculate if the exchange is going bankrupt. But Bitfinex responded loud and strong to the rumors on its blog. Alternatively, Bitfinex responds to insolvency rumors.
Ever since the announcement of Bitfinex and Tether’s possible exit triggered the price of BTC. It has rapidly spiked taking it from $6300 to $7000 temporarily.
Rumor of Binance delisting Tether is another example of FUD that may have added to the FUD.
— CZ Binance (@cz_binance) October 15, 2018
What do you think? Did you ride this FUD and get some profits? Let’s discuss!