Bitfinex plans $150M share buyback to 'address scrutiny'
Bloomberg has reported that iFinex, one of the companies that operates the cryptocurrency trading platform Bitfinex , is considering investing $150 million in a buyback of share s issued to victims of its 2016 hack. This buyback would value Bitfinex at $1.7 billion. In 2016, Bitfinex suffered one of the largest hacks of Bitcoin ever, and in response, decided most of its customers should have 30% of the value in their accounts removed and replaced with its BFX token, with each token meant to represent $1 of value. Reportedly, at least one large client didn’t receive the same haircut. After the hack occurred, Bitfinex promised to have a full financial audit conducted and to share its methodology for calculating the haircut; in the intervening seven years neither have been produced. In communications to traders after the hack, Bitfinex executives emphasized that their assets weren’t excluded from the haircut, and because Bitfinex executives had so much cryptocurrency on the excha