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The exchange of Hong Kong-based cryptocurrency, Bitfinex, could soon issue an exclusive trading chip, according to a shareholder of the platform claiming to have knowledge of the plan.
Dong Zhao, a well-known OTC trader in China and Bitfinex shareholder, who for the first time announced the news on Weibo, told CoinDesk that the stock exchange was actually considering the show, although "the details are not 100% confirmed. "
Bitfinex has not responded to a request for comment from CoinDesk at press time.
At this point, it is not clear how the plan would work or what would be promised to participants in an offer of tokens. However, if confirmed, this statement is remarkable because it comes shortly after the New York Attorney General's allegations that Bitfinex lost $ 850 million in client and corporate funds.
Subsequently, the Attorney General said that Bitfinex had secretly contracted a loan of $ 900 million from the stock exchange affiliate, Tether, which issues the tether (USDT) stablecoin, to cover the shortfall.
Bitfinex later claimed that the $ 850 million had been "seized" by various authorities and that she was working on recovering the funds.
Zhao, who is also the founder of blockchain investment company DGroup, said it was he who had suggested the symbolic plan to Bitfinex. A few days after the charges of New York AG, on April 28, he declared on his account Weibo that the exchange should seize the opportunity to issue chips worth $ 850 million to bring the amount frozen. Participants would receive the exchange token back.
He told CoinDesk that the benefit to users is that "the trading chips have better liquidity. These are the only real chips that are not shitcoins. "
"The issue method could be similar to other tokens, distributed via pre-paid transaction fee sets," he said, adding that he would do his best to that the operation materializes.
Zhao's proposal has met with a lukewarm response to Weibo, with some mistrustful of Bitfinex's ability to recover the frozen funds.
"Did Bitfinex not say [there] are certain that funds can be recovered? If this is the case, no other plan is necessary. But if they issue tokens to exchange debt in shares, it could mean that these funds have really disappeared and that the credibility of the platform will suffer, "commented a user.
Last Friday, Zhao said that Bitfinex's CFO told him that the $ 850 million frozen would be recovered "in a few weeks".
Dovey Wan, founding partner of the Primitive blockchain fund, has also raised several inconsistencies regarding public information on Bitifnex and Tether up to now.
For example, in a tweet She also noted the Bitfinex chip tokens projects, she said, "If the $ 850 million can be recovered easily, then why? [would it do] initial exchange offer? "and" If Bitfinex has a positive cash flow, why borrow Tether? "
Bitfinex image via Shutterstock
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