iFinex Offers $150 Million Buyback to Shareholders
iFinex Inc., the parent company of Bitfinex and Tether, is seeking to repurchase its shares from investors. The Hong Kong-based firm aims to gain more control over its private dealings and support regulatory applications.
Investors who purchased stock as part of a 2016 swap arrangement following Bitfinex’s $71 million hack have been offered $10 per share for 15 million shares. The buyback offer represents approximately 9% of iFinex’s outstanding capital. However, its success depends on receiving cash from at least one subsidiary.
Bitfinex suffered a major hack in August 2016, resulting in the theft of 119,756 BTC worth $3.2 billion. This incident caused a significant drop in the price of Bitcoin.
Hot Take: iFinex Aims to Regain Control with Share Buyback
iFinex Inc., the parent company of Bitfinex and Tether, is making a move to repurchase shares from investors who participated in a swap arrangement after Bitfinex’s $71 million hack in 2016. By offering $10 per share for 15 million shares, iFinex hopes to regain control over its private dealings and bolster its regulatory applications.
The success of the buyback offer depends on receiving cash from one of iFinex’s subsidiaries. This move comes after Bitfinex experienced a major security breach in 2016, resulting in the theft of nearly 120,000 BTC worth billions of dollars. By addressing scrutiny and supporting regulatory efforts, iFinex aims to strengthen its position in the market.
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