Bitfinex Denies The Allegations of Media, Calls Them Fake

Oct 24, 2018 at 21:15 Update Date :Feb 27, 2019 at 07:46 UTC

The crypto exchange platform Bitfinex has retorted to the crypto media allegations that accused Bitfinex that they’re publishing trade volume analytics from a nonexistent market.

In a report, Bitfinex was alleged that their data on CoinMarketCap (CMC) is highly deluding by delineating on stablecoin Tether (USDT) which is at present account for $33,598,474, around 18.30% of the total 24-hour trading volume of $182,742,352. Tether is pegged by U.S. dollar and is a crypto with tokens issued by tether limited.

It was stated that the exchange has not provided USDT/USD trading pair, therefore, it is an intention to make it look like a large volume of such trades are occurring on the exchange. Bitfinex users are unable to deposit or withdraw U.S. dollars as well as the Tether from their accounts.

As per a representative of CoinMarketCap, the Bitfinex data was extracted from the firm’s public application program interface (API).

Bitfinex, in their tweet, has responded to the allegations. In their tweet, they did mention the CoinDesk article’s link. They further stated that they’re not publishing fake numbers. The API method which is so-called movement volume is not a segment of their ticker API. According to them, it is not pushed by them but is a bad example of anti-Bitfinex FUD.

In January, the rumours took a wave when Tether without a solid proof, dismissed its connections with the third party auditor. But, in June, as per the reports by an unofficial audit, the Tether has some suitable amount of money in dollars which were deposited in an unknown bank.

The Tether has lost its market parity with U.S. dollars. According to CoinMarketCap, as of Wednesday, USDT was still under $1 and trading at $0.98.

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