Bitfinex updates 120,000 BTC repayment plan, creditors can use BFX tokens to exchange for company shares

Bitfinex, the bitcoin exchange that was in trouble earlier this year after losing nearly 120,000 bitcoins, has taken new steps in its plan to repay its creditors.

In a blog post, Bitfinex announced two special purpose vehicles (SPVs) that will now allow creditors to redeem beneficial interests in iFinex, the parent company of Bitfinex, using BFX tokens, a digital asset issued by the exchange.

The exchange said one of the special purpose vehicles was created in partnership with crowdfunding platform BnkToTheFuture, while the other, the BFX Trust organized by investor Alistair Milne, will now be available to non-U.S. Bitfinex users, who can exchange 1 BFX token for 1 dollar worth of iFinex shares.

The news is the latest decision made by Bitfinex in response to the hacking incident.

The tokens will then be traded on the secondary market under the ticker symbol BFX, although Bitfinex remains the only exchange that currently lists the asset.

As early as September 1, Bitfinex also announced the redemption of more than 1% of BFX tokens at a unit price of US$1, which also provided a positive signal to creditors.

The official announcement can be found at: https://www.bitfinex.com/posts/147