CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$46,826.00
  • ethereum
    ETH$1,471.96
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » That Was Quick: BitFinex CTO Confirms Raising $1 Billion in a Private Sale

    That Was Quick: BitFinex CTO Confirms Raising $1 Billion in a Private Sale

    Author: Felix Mollen

    Last Updated Nov 27, 2019 @ 11:45

    According to the Chief Technology Officer at Bitfinex, the popular and controversial cryptocurrency exchange has managed to raise a total of $1 billion in a private sale.

    Bitfinex Closes $1B Private Sale

    Bitfinex, one of the most popular cryptocurrency exchanges, has managed to raise $1 billion in 10 days during a private sale, according to the company’s CTO, Paolo Ardoino.

    He took to social media to reveal that private companies have invested over $100 million each, while a lot of other investors have put up more than $1 million each. Supposedly, the private sale lasted for 10 days.

    . @bitfinex is able to raise 1b USDt in 10 days, in a private sale. Private companies, giants in our industry and outside, made investments for > 100m each. A legion of inside and outside users made investments for > 1m each.

    — Paolo Ardoino (@paoloardoino) May 13, 2019

    As Cryptopotato reported earlier in April, the cryptocurrency exchange was rumored to plan an Initial Exchange Offering in order to raise $1 billion. Later on, the company released an official white paper document which planned the ten-day window for the private token sale, followed by a discretionary phase of public selling if there was any supply of tokens left over.

    Androino, however, also said that there is a “small allocation left and we just prefer to share to small investors until there is time,” hinting that there might be a public sale after all.

    $1B Worth of USDT? Not So Much

    One of the first things that made an impression was the fact that Androino said that Bitfinex raised $1 billion in USDT. The entire market cap of USDT is currently around $2.8 billion, suggesting that more than 30 percent of that went directly into Bitfinex’s private sale.

    Speaking on the matter was popular cryptocurrency commentator and analyst at eToro, Mati Greenspan, who said:

    Bitfinex is claiming that they’ve already raised 1 billion USDT from private investors in just 10 days. The total market cap of USDT is $2.76 Billion

    Androino was quick to answer, outlining that they had also accepted USD and that he should have clarified that the $1 billion was raised in “USDT or USDT equivalents.”

    The event comes not so long after Bitfinex was served with a court order by the New York Attorney General, alleging the coverup of $850 million loss with Tether reserves. Bitfinex has since responded to the court order, outlining that it was written in “bad faith” and “is riddled with false assertions.”

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    Read more on: Bitfinex Tether (USDT)

    About The Author

    Felix Mollen View more posts by this author

    Felix got into Bitcoin back in 2014, but his interest quickly expanded to everything blockchain-related. He's particularly excited about real-world applications of blockchain technology. Having worked as a professional content writer for three years before that, Felix transitioned to working on blockchain-centered projects and hasn't looked back ever since.

  • bitcoin
    BTC$46,826.00
  • ethereum
    ETH$1,471.96
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!