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<h2 style="text-align: justify" id="strong-details-of-the-share-buyback-strong"><strong>Details of the Share Buyback</strong></h2>
<p style="text-align: justify">iFinex, the Hong Kong-based company managed by the same team as the major stablecoin issuer <a href="https://en.coin-turk.com/tether-the-largest-stablecoin-issuer-surpasses-the-100-reserve-ratio/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Tether</a>, has offered to buy back 15 million shares at $10 per share for shareholders on September 22. This offer represents approximately 9% of iFinex’s total outstanding capital and values the company at $1.7 billion. Furthermore, the share buyback is contingent on financial injection from one of iFinex’s subsidiaries.</p>
<p style="text-align: justify"><img decoding="async" class="aligncenter size-full wp-image-265251" src="https://coin-turk.com/wp-content/uploads/2023/10/Kripto-para-borsasi-bitfinex.jpeg" alt="" width="1280" height="720"></p>
<p style="text-align: justify">The share buyback will be available to shareholders who purchased iFinex shares through a swap agreement with investment platform BnkToTheFuture in 2016. Bitfinex, which is currently valued at $3.3 billion, was a victim of a hack attack in that year resulting in the theft of approximately $71 million worth of <a href="https://en.coin-turk.com/prominent-bitcoin-promises-from-us-presidential-candidate/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoin-price-stuck-in-a-narrow-range-ahead-of-powells-jackson-hole-speech/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) from the platform. To compensate for the losses suffered by affected users, the cryptocurrency exchange had issued BFX tokens, which were later exchanged for shares in the company through BnkToTheFuture.</p>
<p style="text-align: justify">Some executives from iFinex and its subsidiaries will also participate in the share buyback. iFinex stated to Bloomberg that the decision to buy back shares is driven by the company’s positive performance in recent years.</p>
<p style="text-align: justify">Additionally, iFinex mentioned that selling off shares could alleviate the increasing pressure to support Bitfinex’s regulatory demands and cope with rising regulatory scrutiny.</p>
<h2 style="text-align: justify" id="strong-bitfinex-and-regulatory-challenges-strong"><strong>Bitfinex and Regulatory Challenges</strong></h2>
<p style="text-align: justify">Both Tether and Bitfinex have faced significant regulatory issues in the past. Both companies were collectively fined $42.5 million by US regulators in 2021. The fine aimed to resolve allegations that Tether provided false information regarding the reserves backing its stablecoin USDT. Bitfinex was also accused of serving US customers without proper approvals.</p>
<p style="text-align: justify">However, despite all regulatory setbacks, Bitfinex has managed to withstand market volatilities. The cryptocurrency exchange continues to explore opportunities in overseas markets. Earlier this year, it became the first company to obtain a cryptocurrency exchange license in El Salvador.</p> Continue Reading: <a href="https://en.coin-turk.com/bitfinexs-parent-company-ifinex-announces-150-million-share-buyback-to-protect-hack-victims-and-gain-more-control/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitfinexs-parent-company-ifinex-announces-150-million-share-buyback-to-protect-hack-victims-and-gain-more-control/</a>

Bitfinex’s Parent Company iFinex Announces $150 Million Share Buyback to Protect Hack Victims and Gain More Control

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