Redditors are reporting serious issues with withdrawing money and coins from cryptocurrency exchange Bitfinex. They’re also warning that any exchange using Tether to peg coins to dollars and euros may be insolvent.
The legal terms on Tether’s own website are also creating concern, as pointed out by Twitter user @bitfinexed:
“There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.”
The alarm bells are also going off on Twitter, with some users calling Bitfinex the new MtGox.
In response, Bitfinex posted a Tweet reassuring customers not to worry about its solvency. The company claims a coordinated conspiracy to disrupt the market is underway, and promises to release a formal statement in the near future.
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