Crypto Coins News - Ratings - Reviews
Bitfinex Crypto Exchange Rating F
The same group that lost a fortune in Bitcoin recently through an alleged hack many are calling an inside job, that then tried to pay it back to users by holding over 1/3 of exchange users coins hostage to cover the loss and then whom had the nerve to make an offer to these ripped off users they highjacked coins from as to using a coin backed by their exchange as reimbursement, is now set to cause a huge Earth quake in the world of crypto that could result in panic so sellers will outnumber buyers in such a ratio it could end up taking down many exchanges as well as the entire crypto economy.
The earthquake about to hit crypto coins is what many call a ponzi or monopoly scheme by the Bitfinex crew, it is a fake coin called USD Tethers.
They are created out of thin air many claim and then floated on Bitfinex as equal to the USD in value.
The sales pitch is Bitfinex has cash in bank accounts to cover each tether.
Many are saying BULLSHIT, since banks have been freezing Bitfinex accounts such as Wells Fargo has done. Reddit is full of user complaints in r/bitfinex about missing bank wires due to how often Bitfinex changes bank accounts.
The straw that may break the camel’s back of Tethers and Bitfinex was the recent admission by Bitfinex that the auditing company hired to audit the books of Tether is no longer doing audits, the deal dissolved days ago and it became news only yesterday.
This news prompted Dr. Sol Adoni known as THE PROPHET of Crypto due to his long streak of accurate crypto alerts as to how high or low various coins are about to go, to alert his members that pay for his alerts at PROPHET.business to flee all crypto exchanges and cash out all coins. Here is our article on his alert.
THE PROPHET who nailed the recent surge in Ripple Value XRP says the Tether coin problem of being now completely unaudited can unravel the whole crypto market for a while as the possible collapse of Bitfinex and Tether will cause a mass Exodus from all exchanges into cold wallets and cash withdrawals
The start of 2018 saw pretty much every crypto exchange put up NO NEW USER SIGNS on their exchanges since the huge interest in crypto over whelmed the network of crypto exchanges not built to handle such new traffic.
Now, as coins values rise due to the cashing out of tethers into coins, we will see a large Exodus from Exchanges and the first one to fail will be Bitfinex if investors learn Tethers doesn’t have $2.2 Billion in banks. (Amount claimed to exist as of writing of this article.)
When news of Tethers losing it’s auditing company broke, Tether promptly issued another $600 Million in Tethers. Speak about brass balls!
Most Crypto Exchanges are now tied to Tethers so when the panic Exodus starts from Exchanges over Tethers, the Exchanges won’t be able to handle the stampede to exits.
For all these negative reasons we give Bitfinex a well deserved F Rating as a crypto exchange.
Principals involved in Bitfinex
Jean-Louis Van der Velde CEO
Giancarlo Devasini CFO
Phil Potter CSO