Crypto exchange Bitfinex repays $100 million to Tether

Cryptocurrency exchange Bitfinex announced on its official website that it has repaid a $100 million loan to stablecoin operator Tether.
Although the loan has not yet matured, Bitfinex has transferred the funds to Tether’s bank account via wire transfer. Bitfinex made this decision based on its financial situation at the end of the second quarter of 2019 to complete the prepayment.
On July 2, Bitfinex announced on its official website: “On July 1, Bitfinex completed the prepayment of the loan and interest due on June 30, 2019.”
According to Bitpush's previous report, on April 25, news from the New York Attorney General's (NYAG) office stated that the cryptocurrency exchange Bitfinex used funds from stablecoin operator Tether to make up for its losses of up to $850 million. Bitfinex and Tether responded to this, saying that their allegations were full of "false assertions." New York Attorney General Letitia James said she had obtained a court order requiring iFinex, which operates both Bitfinex and Tether, to stop violating New York law and defrauding New York residents.
In May, according to the original legal documents, Bitfinex never disclosed its financial losses to its investors and executives, while Tether participated in a series of conflicting corporate transactions. Bitfinex obtained up to $900 million in Tether cash reserves through these transactions and used them to hide the company's bankruptcy.
Bitfinex is accused of taking no less than $700 million from Tether’s reserves and using the funds to hide financial losses and handle withdrawal issues for its customers.
Recently, Bitfinex announced a start-up plan for LEO currency, which will use the net income of its parent company iFinex to purchase LEO currency at market price and then destroy them. (BitPush)