Crypto Blog
iFinex, the owner of popular cryptocurrency exchange network BitFinex and collaborator with Tether Holdings Ltd, reportedly unveiled a $150 million share buyback plan.
The iFinex stock arrangement was made available to the network’s investors in 2016, when about $71 million in Bitcoin, probably valued at $3.3 billion today, was stolen. Bitfinex adopted a unique remediation approach by providing the affected users with company shares equivalent to their losses via BnkToTheFuture.
The CFO of Tether and Bitfinex, Giancarlo Devasini, who also holds a director role at iFinex and some of its subsidiaries, is permitted to participate in the buyback. Several other directors at iFinex and the subsidiaries have the chance to participate.
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