Bitfinex Pays Out First Wave of Customer Refunds

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.

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Bitfinex Redeems 1.1812% of Outstanding BFX Tokens

BitfinexBitfinex 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.  

Simon Dixon<p><a href=Read more ... source: TheBitcoinNews