Since this week Bitfinex has been accused of misappropriating Tether reserves to fill 850 million in financial losses, the parties have responded, and Bitfinex also said that the accusation of the New York Attorney General was inaccurate.
However, the incident still has a certain impact. According to bitcoinist, on April 26, the day the event was fermented, traders transferred Bitcoin and Ethereum worth $165 million from Bitfinex.
In addition, Bitwise issued an official announcement that its index committee voted unanimously not to refer to the price of Bitfinex.
Founded in 2017, Bitwise pioneered the first cryptocurrency index fund and is currently one of the leading providers of cryptocurrency indices. This week, Nasdaq Dorsey Wright, a financial advisory research platform for Nasdaq, announced the addition of Bitwise's encryption index and encrypted asset point graph.
The company also filed a Bitcoin ETF application last year and repeatedly called the US Securities and Exchange Commission (SEC) to express its willingness to cooperate with the SEC to address the regulator's concerns about the Bitcoin ETF.
The following is the full text of the announcement issued by Bitwise:
Response to NY AG (New York Attorney General) allegations about Tether and Bitfinex
Description: The Attorney General of New York accused iFinex Inc, the virtual asset trading platform Bitfinex, and the issuer of the virtual currency "tether", Tether Limited, and the operators of related entities, who attempted to conceal $850 million in losses, and the funds From customer and corporate funds.
Bitwise Crypto Index Methodology Rule III.aic (Bitwise Cryptographic Index Rules) is used to determine whether the price data of an encrypted asset exchange is applicable to the Bitwise Index, based on the following rules:
(Exchanges) comply with local regulations and are not subject to special regulations or legal actions.
This requirement is intended to limit the exchange's close contact with active community participants and to prevent the possibility of disruption of service or unusual pricing due to government or regulatory enforcement actions.
Based on the allegations of the New York Attorney General, we conducted a vote to determine whether Bitfinex should be removed from the index price contribution list.
Result: The full vote is removed. The Bitwise Index no longer refers to the Bitfinex price and is effective immediately.
Discussion: Removing the exchange does not have much impact on pricing or liquidity, so it is not a risk to damage the index and the fund as long as it is done with caution.
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