Difference between revisions of "Bitfinex"

Revision as of 10:11, 7 March 2022

Basics

Announced on:
Mainnet release:
Crypto exchange that is Hong Kong based

Child company of iFinex
Was part of Hong Kong consensus
Attender of Satoshi Roundtable.

History

Token

Launch

One billion LEO tokens were sold on a 1:1 basis with the tether stablecoin. LEO was launched on both the Ethereum and the EOS blockchain. 64% of the initial supply was on the Ethereum blockchain & 36% of the initial supply was on the EOS blockchain.

From Messari (as of 22-1-2020):

"In 2018 iFinex, the parent company of Bitfinex, was made aware it's payment processor, Crypto Capital, was subject to a partial government seizure of its funds. While efforts are being made, there is no certainty that Bitfinex will be able to recover the funds. To alleviate the cash shortfall, BitFinex announced it would conduct a private offering for $1 billion for it's token Unus Sed Leo.

The token will be used to receive discounts on trading on current and future iFinex trading platforms and services. iFinex will buy back tokens from the market with a minimum of 27% of consolidated revenues from the previous month until all tokens are removed from circulation. In addition, an amount equal to 95% of the recovered net funds from Crypto Capital and 80% of recovered funds from a 2016 hack will be used to repurchase outstanding tokens."

Token allocation

Utility

Token Details

The iFinex ecosystem has an utility token called Unus Sed Leo (LEO). Allows you to save money on trading fees in Bitfinex (14-2-2021).

Stablecoin

Technology

Whitepaper can be found [insert here].
Code can be viewed [insert here].
Built on: EOSIO, ERC-20

Programming language used:

Transaction Details

Capacity (TPS):
Latency:

How it works

Mining

Staking

Liquidity Mining

Layer Two

Different Implementations

Interoperability

Other Details

Was at the time SegWit ready. And is also mentioned as a company that is supporting the Lightning Network (6-11-2020).

Privacy Method being used

Compliance

Oracle Method being used

Their Other Projects

DEX

Governance

DAO

Treasury

Upgrades

Roadmap

Can be found [Insert link here].

Audits

Bug bounty program can be found [insert here].

Bugs/Hacks

Had a theft of 72 million in 2016, some 119,756 bitcoin core (BTC) went missing. Update: Local Israeli media is reporting two brothers have been arrested by police in connection with their involvement in cryptocurrency exchange hacks. At least one of the men is thought to have had a hand in the 2016 Bitfinex $70M hack. Later on a different couple got arrested in New York (8-2-2022) and alledgedly also made it possible to recover a lot of the stolen BTC.

Usage

Projects that use or built on it

Competition

Coin Distribution

Pros and Cons

Pros

Cons

Team, Funding, Partnerships, etc.

Full team can be found [here].
Child company of iFinex
Partly owned by PAG Asia, who also owns part of Tether
Potter, Phil; CSO (Was part of Hong Kong consensus), got kicked out of Morgan Stanley after a quick career when he was 25. He was too loud about his financial spending.
Devasini, Giancarlo; Chief Financial Officer, made a career in the 90’s as software seller. Got caught selling falsified Microsoft software. He settled with the authorities and helped investigation to other falsifiers.
Van der Velde, Jean-Louis; CEO, used to be CEO of PAG Asia, a Chinese investment fund with billions of private equity. PAG is partly owner of Bitfinex and Tether.

Funding

Got investment of Jia Tian.
Bitfinex Partnered With at least 6 different banks during 2018. It has had quite some issues with keeping a fixed bank account.

Invested in LN Markets. From this DeFi Prime interview (6-11-2020):

"Last July, we secured a pre-seed funding round with Bitfinex, Arcane Crypto and Fulgur Ventures, three investors who are strongly committed to the growth of the Lightning Network ecosystem and who will certainly help us accelerate our development and offer new trading experiences to our users."

Partners

Partnered with Tether
Has partnerships with Digi Global
Is a Block Producer on EOS (9-2019)
Is a partner with FTX, according to the About Us page of FTX (20-4-2020).
Is a partner with DeversiFi, according to their website (4-6-2020)

@@ Line 10: / Line 10: @@
 == Token ==
 === Launch ===
-* One billion LEO tokens were sold on a 1:1 basis with the [[tether]] [[stablecoin]]. LEO was launched on both the [[Ethereum]] and the [[EOS]] [[blockchain]]. 64% of the initial supply was on the Ethereum blockchain & 36% of the initial supply was on the EOS blockchain.
+* One billion LEO [[tokens]] were sold on a 1:1 basis with the [[tether]] [[stablecoin]]. LEO was launched on both the [[Ethereum]] and the [[EOS]] [[blockchain]]. 64% of the initial supply was on the Ethereum blockchain & 36% of the initial supply was on the EOS blockchain.
 * [https://messari.io/asset/unus-sed-leo/profile From] [[Messari]] (as of 22-1-2020):
-''"In 2018 iFinex, the parent company of Bitfinex, was made aware it's payment processor, Crypto Capital, was subject to a partial government seizure of its funds. While efforts are being made, there is no certainty that Bitfinex will be able to recover the funds. To alleviate the cash shortfall, BitFinex announced it would conduct a private offering for $1 billion for it's token Unus Sed Leo. ''
+''"In 2018 iFinex, the parent company of Bitfinex, was made aware it's payment processor, Crypto Capital, was subject to a partial government seizure of its funds. While efforts are being made, there is no certainty that Bitfinex will be able to recover the funds. To alleviate the cash shortfall, BitFinex announced it would conduct a private offering for $1 billion for it's [[token]] Unus Sed Leo. ''
 ''The token will be used to receive discounts on trading on current and future iFinex trading platforms and services. iFinex will buy back tokens from the market with a minimum of 27% of consolidated revenues from the previous month until all tokens are removed from circulation. In addition, an amount equal to 95% of the recovered net funds from Crypto Capital and 80% of recovered funds from a 2016 hack will be used to repurchase outstanding tokens."''
@@ Line 19: / Line 19: @@
 === Utility ===
 === Token Details ===
-* The iFinex ecosystem has an [[utility token]] called Unus Sed Leo (LEO). [https://medium.com/coinmonks/top-50-cryptocurrencies-explained-in-2-sentences-4f607abf871e Allows] you to save money on trading fees in Bitfinex (14-2-2021).
+* The iFinex ecosystem has an [[utility token]] called Unus Sed Leo (LEO). [https://medium.com/coinmonks/top-50-cryptocurrencies-explained-in-2-sentences-4f607abf871e Allows] you to save money on trading [[fees]] in Bitfinex (14-2-2021).
 === Stablecoin ===
@@ Line 55: / Line 55: @@
 * [[Bug bounty]] program can be found [insert here].
 === Bugs/Hacks ===
-* Had a theft of 72 million in 2016, some 119,756 bitcoin core ([[BTC]]) went missing. Update: Local Israeli media is [http://posta.co.il/article/389501/ reporting] two brothers have been arrested by police in connection with their involvement in cryptocurrency exchange hacks. At least one of the men is thought to have had a hand in the 2016 Bitfinex $70M hack.
+* Had a theft of 72 million in 2016, some 119,756 [[bitcoin]] core ([[BTC]]) went missing. Update: Local Israeli media is [http://posta.co.il/article/389501/ reporting] two brothers have been arrested by police in connection with their involvement in cryptocurrency exchange hacks. At least one of the men is thought to have had a hand in the 2016 Bitfinex $70M hack. Later on a different couple [https://twitter.com/bitfinex/status/1491093052299292673?s=20&t=4yN9B_QOsH724pJvrpEWrA got arrested] in New York (8-2-2022) and alledgedly also made it possible to recover a lot of the stolen BTC.
 == Usage ==
@@ Line 68: / Line 68: @@
 * Child company of iFinex
 * Partly owned by [[PAG Asia]], who also owns part of [[Tether]]
-* [[Phil Potter|Potter, Phil]]; CSO (Was part of [[Hong Kong consensus]]), got kicked out of Morgan Stanley after a quick career when he was 25. He was too loud about his financial spending.
+* [[Phil Potter|Potter, Phil]]; CSO (Was part of [[Hong Kong consensus]]), got kicked out of [[Morgan Stanley]] after a quick career when he was 25. He was too loud about his financial spending.
 * [[Giancarlo Devasini|Devasini, Giancarlo]]; Chief Financial Officer, made a career in the 90’s as software seller. Got caught selling falsified [[Microsoft]] software. He settled with the authorities and helped investigation to other falsifiers.
 * [[Jean-Louis Van der Velde|Van der Velde, Jean-Louis]]; CEO, used to be CEO of [[PAG Asia]], a Chinese investment fund with billions of private equity. PAG is partly owner of Bitfinex and [[Tether (USDT)|Tether]].
@@ Line 77: / Line 77: @@
 * Invested in [[LN Markets]]. From [https://defiprime.com/lnmarkets this] [[DeFi Prime]] interview (6-11-2020):
-"''Last July, we secured a pre-seed funding round with Bitfinex, [[Arcane Crypto]] and [[Fulgur Ventures]], three investors who are strongly committed to the growth of the [[Lightning Network]] ecosystem and who will certainly help us accelerate our development and offer new trading experiences to our users."''
+"''Last July, we secured a pre-[[seed]] funding round with Bitfinex, [[Arcane Crypto]] and [[Fulgur Ventures]], three investors who are strongly committed to the growth of the [[Lightning Network]] ecosystem and who will certainly help us accelerate our development and offer new trading experiences to our users."''
 === Partners ===
 * Partnered with [[Tether (USDT)|Tether]]
 * Has [https://digix.global/ partnerships] with [[Digi Global (DXG)|Digi Global]]
-* [https://www.coindesk.com/everyones-worst-fears-about-eos-are-proving-true Is] a Block Producer on [[EOS]] (9-2019)
+* [https://www.coindesk.com/everyones-worst-fears-about-eos-are-proving-true Is] a [[Block]] Producer on [[EOS]] (9-2019)
 * Is a partner with [[FTX]], according to the [https://help.ftx.com/hc/en-us/articles/360029839371-About-FTX About Us] page of FTX (20-4-2020).
 * Is a partner with [[DeversiFi]], according to their [https://www.deversifi.com/ website] (4-6-2020)
 [[Category:Companies/Organisations]]