Bitfinex
Bitfinex is a digital asset trading platform offering services for cryptocurrency traders and liquidity providers. [1][4]
Products
UNUS SED LEO
UNUS SED LEO is Bitfinex’s native utility token, it provides holders with a variety of benefits, including discounts on trading fees and P2P lending fees. [24]
Bitfinex Honey
Bitfinex Honey provides the ultimate algorithmic trading experience on the battle-tested Bitfinex infrastructure from the browser. It requires no installation to get started. [25]
Bitfinex Pay
Bitfinex Pay is a widget that enables users to accept crypto payments without difficulty. It provides access to the cryptocurrency world and its potential with a straightforward and uncomplicated setup. [26]
Bitfinex Borrow
Bitfinex Borrow is a peer-to-peer (P2P) platform that allows users to borrow funds from other users, providing cryptocurrency assets as collateral. Bitfinex acts as a facilitator that provides the technology that enables borrowers and lenders to transact with each other. [27]
Lending Pro
Lending Pro uses automated technologies to automatize lending based on specifications and market conditions. Lending Pro is available for all digital assets on Bitfinex that are available for margin trading, it has an in-built calculator that calculates the amount of potential return for any available currency and allows multiple lending modes (dynamic, fixed, market mode) to choose from. [28]
Mobile App
The Bitfinex mobile app provides the full functionality of the Bitfinex platform for seamless ‘on-the-go’ trading. [29]
Bitfinex Terminal
Bitfinex Terminal is a product offering real-time historical Bitfinex market data (“Bitfinex Market Data”). Bitfinex Market Data is delivered through a distributed database that can be queried over a P2P network, powered by Dazaar – an open-source software developed and operated by Dazaar Limited, allowing customers to cache, update and distribute data in a sophisticated way. [30]
Bitfinex Reporting App
Bitfinext reporting app displays the daily, weekly, and monthly investment returns in a portfolio across a selected time frame. Values are represented in USD. It allows users to take a precise snapshot of the market, view trading positions, and wallet holdings, and displays aggregated data across the list of accounts added, such as ledgers, trades, wallets, volume, and performance metrics. [31]
Bitfinex Hack
On the 2nd of August 2016, Bitfinex suffered a hack in its system leading to a loss of 119,756 BTC worth about US$72 million at the time. Bitfinex halted Bitcoin withdrawals and trading after a breach was reported. Exchange customers, including those whose accounts had not been broken into, had their account balance reduced by 36% and received BFX tokens (debt tokens) in proportion to their losses. The BFX tokens could be used towards company equity or could be redeemed by Bitfinex. [33]
On the 25th of February 2019, Bitfinex was able to recover 27.7 BTC with the help of the U.S. government. In relation, two Israeli brothers, Eli and Assaf Gigi were arrested for their alleged involvement in the 2016 hack. [36]
An additional 6.5 BTC was recovered on 14th December 2021 in collaboration with Poloniex, a digital token exchange. [33]
The recovered funds were converted to USD and paid to RRT (Recovery Right Token) Holders. Bitfinex continues to pursue multiple strategies for recovery by collaborating with law enforcement and third parties to track and seize the stolen bitcoins as soon as they reach any exchange or business.
In February 2022, a New York couple, Ilya Lichtenstein and his wife Heather R. Morgan were arrested and charged by the U.S. federal authorities for conspiring to launder the stolen funds and defraud the United States. Of the 119,756 BTC stolen from the Bitfinex platform, the U.S. Department of Justice (DOJ) recovered nearly 94,000 BTC (worth approximately $3.6 billion at the time of recovery). In a statement, Deputy Attorney General Lisa Monaco said it was “the department’s largest financial seizure ever". [34][35]
In an announcement to their community, Bitfinex explained that they will work with the DOJ to establish their rights to a return of the stolen bitcoin. They also explained that if they receive a recovery of the stolen bitcoin, as described in the UNUS SED LEO token white paper, Bitfinex will, within 18 months of the date it receives that recovery use an amount equal to 80% of the recovered net funds to repurchase and burn outstanding UNUS SED LEO tokens. These token repurchases can be accomplished in open market transactions or by acquiring UNUS SED LEO in over-the-counter trades, including directly trading bitcoin for UNUS SED LEO. [33]
Bitfinex Freedom Manifesto
On the 16th of November 2022. Bitfinex released a Freedom manifesto to stand against the use of digital tools as an ultimate means of control. With this Freedom Manifesto, Bitfinex makes three pledges:
- Commitment to building open, peer-to-peer communication solutions to enable anyone, anywhere to interact and transact freely online.
- To work relentlessly to support the Lightning Network and similar technologies and contribute to making Bitcoin the most accessible and most efficient transaction solution.
- To support and invest in the Bitcoin community, including developers and white hat hackers, to ensure the strength, resilience, and immutability of the Bitcoin network. [23][32]
Team
- Jean-Louis van der Velde - Chief Executive Officer
Jean-Louis joined Bitfinex in 2013 as CEO. His specialty lies in working with banking, regulatory, and law enforcement institutions to develop innovative solutions in the digital asset sector. [17] - Giancarlo Devasini - Chief Financial Officer
Giancarlo[16] is the current CFO of Bitfinex, having been involved since 2012 in the development of the exchange, such as establishing banking relationships, recruiting personnel, and re-domiciling the exchange. - Paolo Ardoino - Chief Technology Officer
Paolo[15] joined Bitfinex in early 2015 and serves as CTO, responsible for developing and managing core parts of the Bitfinex backend. He has 15 years of experience building tools and infrastructure for decentralized financial innovation. - Claudia Lagorio - Chief Operating Officer
Claudia[14] joined Bitfinex in 2015 and serves as COO, overseeing the implementation of long-term, strategic business goals while ensuring effective procedures are in place. Claudia is experienced in blockchain, fintech, research, and marketing. - Peter Warrack - Chief Compliance Officer
Peter[18] has expertise in intelligence-led criminal and terrorist financing investigations, compliance, and the relationship between banking and virtual currency environments. - Stuart Hoegner - General Counsel
Stuart[19] is an international lawyer and accountant with expertise in cryptocurrency who acts for businesses in the field. He obtained a law degree from the University of Toronto in 1996 and worked at EY for eight years before joining Bitfinex.
