Bitfinex redeemed 1.1812% of outstanding BFX tokens

in news •  2 years ago

There is hope:

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.

We continue to press forward on all fronts to expeditiously retire BFX tokens through equity conversion with qualified token holders, raising new capital through equity financing, operating profits, and prudent reductions in contingent liability reserves. We look forward to sharing further developments with you in due course.

You can check how much you got back here:
Remember you got USD for it.

Now we have a clear answer why BFX price has risen recently. Sounds like insiders trading as f@#$%^ but still this is going in the right direction.
Bitfinex should publish redemption date in advance in my opinion. This happened on 1st, so maybe it will occur every month from now on, but who knows. At this speed it will basically take ~99 more months to get money back ;)

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Yeaah! I didn't see this! Seems odd that they did not put it in their blog. This is an announcment shown once you log in right?


Cool! I just saw what I got redeemed! Thinking about buying BFX tokens now LOL