On September 1, Bitfinex reimbursed its first wave of clients. 1.1812 percent of currently outstanding BFX tokens were redeemed by Bitfinex and issued to customer wallets.
Also read: Russia’s Innopolis City to Host First Blockchain Hackathon
Bitfinex Redeems 1.1812% of Outstanding BFX Tokens
Bitfinex is showing the public that it aims to make its customer’s funds whole again with this first wave of paybacks.
The exchange purchased the tokens at $1 USD per token, roughly double the current market value. The price per BFX has been resting at 50-60 cents and has seen some significant value spikes over the past week.
The Hong Kong exchange’s announcement states:
We are pleased to announce the redemption of 1.1812% of outstanding BFX tokens. This redemption was applied pro rata to all wallet balances on September 1, 2016 at 12:00:00 UTC. The redemption does not apply to margin long or short positions – only on settled wallet balances. The amount of the redemption is based on a calculation of reserves in excess of our required contingent liability reserves, which reflects many factors that unfortunately, we cannot elaborate further upon at this time.