Bitfinex repays Tether $100M on $700M loan

posted 8 months ago
Crypto exchange Bitfinex said that it has begun repaying a loan from its sister company Tether. Bitfinex borrowed as much as $700 million from the stablecoin issuer through a line of credit in early 2019, according to legal filings by the New York Attorney General (NYAG)’s office.

The exchange needed the cash to make up for an $850 million hole which resulted from its payment processor, Crypto Capital, having its funds seized by authorities in three separate nations. “Bitfinex made this payment [$100 million] in fiat wired to Tether’s bank account."
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