{"investigation":{"slug":"bitfinex","entity_name":"Bitfinex","trust_score":38,"severity_base":null,"score_modifier":0,"confidence":0.82,"status":"draft","content_type":"investigation","summary":"Bitfinex is one of the oldest operating cryptocurrency exchanges, founded in December 2012 and operated by iFinex Inc. It has been subject to multiple confirmed regulatory actions including CFTC fines and a New York Attorney General settlement, and suffered a major 2016 security breach in which 119,756 BTC were stolen — a hack whose perpetrators were subsequently convicted and from which approximately 94,000 BTC were ordered returned to Bitfinex by a U.S. federal court in 2025. The exchange does not serve U.S. residents and holds limited tier-one regulatory licensing.","sections":[{"content":"Bitfinex was founded in December 2012 by Raphael Nicolle and is operated by iFinex Inc., a company registered in the British Virgin Islands. Giancarlo Devasini, an Italian former physician, has served as Chief Financial Officer of the iFinex group. iFinex is also the parent company of Tether, the issuer of the USDT stablecoin. The exchange launched as a peer-to-peer Bitcoin trading platform and expanded to offer spot trading, margin trading, peer-to-peer margin funding, derivatives, and over-the-counter markets across a broad range of digital assets. In 2019, iFinex launched UNUS SED LEO (LEO), a utility token sold in a $1 billion initial exchange offering intended to give holders fee discounts across iFinex platforms. Bitfinex explicitly excludes U.S. residents from its services and has done so since 2017, citing regulatory compliance costs.","heading":"Corporate Background","sources":[{"url":"https://en.wikipedia.org/wiki/Bitfinex","name":"Bitfinex Wikipedia","type":"other","credibility":2},{"url":"https://www.bitfinex.com/wp-2019-05.pdf","name":"iFinex LEO Token White Paper","type":"official","credibility":1},{"url":"https://cointelegraph.com/news/breaking-news-bitfinex-fires-us-customers","name":"CoinTelegraph: Bitfinex Fires U.S. Customers","type":"news_article","credibility":2}],"severity":"low"},{"content":"On August 2, 2016, Bitfinex suffered a major security breach in which 119,756 BTC — worth approximately $72 million at the time — were stolen. The theft was the second-largest hack of a cryptocurrency exchange in history at that point. In the attack, hackers exploited a vulnerability in Bitfinex's multi-signature wallet architecture, which was operated in conjunction with BitGo, and drained funds across 2,075 separate addresses. Following the hack, Bitfinex socialized the losses across all account holders regardless of whether their individual accounts were breached, reducing all balances by approximately 36% and issuing BFX tokens as IOUs representing the debt owed to customers. By April 3, 2017, Bitfinex had fully redeemed all outstanding BFX tokens at their $1 face value, repaying customers in cash or via equity conversion into iFinex shares within approximately eight months of the incident. Separately, Recovery Right Tokens (RRT) were issued to track potential future recoveries from the stolen funds.","heading":"2016 Security Breach","sources":[{"url":"https://en.wikipedia.org/wiki/2016_Bitfinex_hack","name":"Wikipedia: 2016 Bitfinex Hack","type":"other","credibility":2},{"url":"https://www.coindesk.com/markets/2016/08/03/the-bitfinex-bitcoin-hack-what-we-know-and-dont-know","name":"CoinDesk: The Bitfinex Bitcoin Hack: What We Know","type":"news_article","credibility":2},{"url":"https://blog.bitfinex.com/announcements/100-redemption-outstanding-bfx-tokens/","name":"Bitfinex Blog: 100% Redemption of Outstanding BFX Tokens","type":"official","credibility":1}],"severity":"high"},{"content":"In February 2022, the U.S. Department of Justice announced the largest financial seizure in its history, recovering more than $3.6 billion in BTC traced to the 2016 hack. Authorities arrested Ilya Lichtenstein and his wife Heather R. Morgan, charging both with conspiracy to launder the stolen Bitcoin. In August 2023, Lichtenstein admitted to being the perpetrator of the underlying hack. On November 14, 2024, Lichtenstein was sentenced to 60 months in federal prison by the U.S. District Court in Washington D.C. for money laundering conspiracy; Morgan was sentenced to 18 months in prison for fraud and conspiracy charges. The DOJ's investigation recovered approximately 94,000 of the original 119,756 BTC. In early 2025, U.S. prosecutors filed a motion for the recovered BTC to be returned to Bitfinex as the court-recognized sole victim of the theft. A federal court subsequently ordered the return of approximately 94,643 BTC, then valued at roughly $9 billion. As of April 2026, the U.S. government was still transferring BTC linked to the case to Coinbase. Bitfinex has stated it intends to use returned funds to fully redeem all outstanding Recovery Right Tokens and allocate at least 80% of remaining net proceeds to repurchase and burn LEO tokens.","heading":"Prosecution and Recovery of Stolen Bitcoin","sources":[{"url":"https://www.justice.gov/usao-dc/pr/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen","name":"DOJ: Bitfinex Hacker Sentenced","type":"regulatory","credibility":1},{"url":"https://www.cnbc.com/2024/11/14/bitfinex-hacker-sentenced-to-five-years-in-prison-for-bitcoin-money-laundering-scheme.html","name":"CNBC: Bitcoin Money Launderer Ilya Lichtenstein Gets Prison Sentence","type":"news_article","credibility":1},{"url":"https://www.coindesk.com/policy/2022/02/08/us-officials-seize-bitcoin-from-2016-bitfinex-hack","name":"CoinDesk: US Officials Seize Bitcoin from 2016 Bitfinex Hack","type":"news_article","credibility":2},{"url":"https://www.trmlabs.com/resources/blog/ilya-lichtenstein-sentenced-for-role-in-bitfinex-hack-in-razzlekhan-case-as-government-recovers-about-10-billion-in-stolen-funds","name":"TRM Labs: Lichtenstein Sentenced, Government Recovers ~$10 Billion","type":"research","credibility":2},{"url":"https://www.coindesk.com/markets/2026/04/17/the-u-s-government-moves-usd606-000-in-bitcoin-linked-to-the-2016-bitfinex-hack-to-coinbase","name":"CoinDesk: U.S. Government Moves Bitcoin Linked to 2016 Bitfinex Hack to Coinbase (April 2026)","type":"news_article","credibility":2},{"url":"https://beincrypto.com/bitfinex-hack-9-billion-bitcoin-recovery/","name":"BeInCrypto: Bitfinex Hack Update 2025 — $9 Billion in Bitcoin to be Returned","type":"news_article","credibility":2}],"severity":"high"},{"content":"Bitfinex has been subject to two separate enforcement actions by the U.S. Commodity Futures Trading Commission (CFTC). In June 2016, the CFTC issued an order requiring Bitfinex to pay a $75,000 civil monetary penalty for offering illegal off-exchange financed retail commodity transactions in Bitcoin and for failing to register as a Futures Commission Merchant (FCM) as required under the Commodity Exchange Act. The conduct covered the period from April 2013 through at least February 2016. In October 2021, the CFTC issued a second order finding that Bitfinex had continued to offer illegal off-exchange financed retail commodity transactions with U.S. persons between March 2016 and December 2018 — conduct that violated the prior 2016 CFTC order. This second order required Bitfinex to pay an additional $1.5 million civil penalty and prohibited further violations. As part of the same October 2021 action, the CFTC separately ordered Tether — iFinex's affiliated stablecoin issuer — to pay $41 million for making untrue or misleading statements about USDT's dollar backing during the period June 2016 through February 2019. The combined CFTC penalty across the two companies was $42.5 million. Both orders were settled without admission of wrongdoing.","heading":"CFTC Regulatory Actions","sources":[{"url":"https://www.cftc.gov/PressRoom/PressReleases/8450-21","name":"CFTC Press Release: CFTC Orders Tether and Bitfinex to Pay Fines Totaling $42.5 Million","type":"regulatory","credibility":1},{"url":"https://www.cftc.gov/PressRoom/PressReleases/7380-16","name":"CFTC Press Release: CFTC Orders Bitfinex to Pay $75,000 (2016)","type":"regulatory","credibility":1},{"url":"https://www.coindesk.com/policy/2021/10/15/cftc-fines-tether-and-bitfinex-425m-for-untrue-or-misleading-claims","name":"CoinDesk: CFTC Fines Tether and Bitfinex $42.5M","type":"news_article","credibility":2}],"severity":"high"},{"content":"In April 2019, the New York Attorney General's office commenced an investigation into iFinex, alleging that Bitfinex had used approximately $850 million in Tether's cash reserves to cover a shortfall in Bitfinex's own funds after its payment processor, Crypto Capital Corp., had its accounts seized by law enforcement in multiple jurisdictions. The NYAG alleged that Bitfinex had secretly taken a credit line from Tether's reserves without adequately disclosing this to customers, and that Tether had misrepresented that USDT was consistently backed 1-to-1 by U.S. dollars held in bank accounts. On February 23, 2021, iFinex and Tether settled with the NYAG for $18.5 million without admitting or denying wrongdoing. As part of the settlement, Bitfinex and Tether agreed to cease trading with New York residents and entities and to provide quarterly reports describing the composition of Tether's reserves for two years. The settlement did not include any finding of fraud or a court adjudication on the merits.","heading":"New York Attorney General Investigation and Settlement","sources":[{"url":"https://www.theblock.co/post/95207/bitfinex-tether-new-york-ag-settlement-lawsuit","name":"The Block: Bitfinex, Tether Settle with New York's Attorney General for $18.5 Million","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/markets/2021/02/23/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-185m-settlement","name":"CoinDesk: NY AG's $850M Probe of Bitfinex, Tether Ends in $18.5M Settlement","type":"news_article","credibility":2},{"url":"https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html","name":"CNBC: Tether, Bitfinex Reach Settlement with New York Attorney General","type":"news_article","credibility":1}],"severity":"high"},{"content":"Bitfinex does not hold a license from any tier-one financial regulator such as the SEC, CFTC, FCA, or MAS for its primary spot and margin trading business. In January 2025, Bitfinex Derivatives received a Digital Asset Service Provider (DASP) license from El Salvador's Comision Nacional de Activos Digitales (CNAD). In May 2026, Bitfinex announced it had secured an expanded license from El Salvador that covers spot and derivatives activity. The exchange's securities arm, Bitfinex Securities, operates under a license from Kazakhstan's Astana Financial Services Authority and has been pursuing an upgrade from regulatory sandbox status to a full Authorised Investment Exchange licence. Bitfinex has explicitly barred U.S. residents from its services since 2017. The absence of tier-one regulatory oversight remains a structural risk factor for international users.","heading":"Regulatory Licensing and Current Status","sources":[{"url":"https://blog.bitfinex.com/announcements/bitfinex-secures-licence-in-el-salvador/","name":"Bitfinex Blog: Bitfinex Secures Licence in El Salvador","type":"official","credibility":1},{"url":"https://www.datawallet.com/crypto/bitfinex-supported-and-restricted-countries","name":"Datawallet: Bitfinex Supported and Restricted Countries (2026)","type":"other","credibility":3},{"url":"https://blog.bitfinex.com/bitfinex-securities/bitfinex-securities-2025-year-in-review-expanding-access-to-global-capital-markets/","name":"Bitfinex Securities 2025 Year in Review","type":"official","credibility":1}],"severity":"medium"},{"content":"Bitfinex and Tether are both subsidiaries of iFinex and share common executives, including Giancarlo Devasini. The NYAG and CFTC both found that Tether's reserves were not fully backed by U.S. dollars for extended periods between 2016 and 2019, and that Bitfinex drew down Tether's reserves without adequate disclosure. Following the settlements, Tether began publishing quarterly attestations of its reserves, though these are not equivalent to full third-party audits. The structural interdependence between Bitfinex and Tether creates potential contagion risk: a financial disruption at either entity could affect the other. Critics and researchers have repeatedly raised concerns about the adequacy of Tether's reserve disclosures, though no subsequent regulatory finding has been issued as of the date of this report.","heading":"Tether Relationship and Reserve Transparency","sources":[{"url":"https://www.cftc.gov/PressRoom/PressReleases/8450-21","name":"CFTC Order: Tether and Bitfinex (October 2021)","type":"regulatory","credibility":1},{"url":"https://www.coindesk.com/policy/2021/10/15/cftc-fines-tether-and-bitfinex-425m-for-untrue-or-misleading-claims","name":"CoinDesk: CFTC Fines Tether and Bitfinex $42.5M","type":"news_article","credibility":2},{"url":"https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html","name":"CNBC: Tether, Bitfinex Reach Settlement with New York Attorney General","type":"news_article","credibility":1}],"severity":"medium"}],"timeline":[{"date":"2012-12-01","event":"Bitfinex founded by Raphael Nicolle as a peer-to-peer Bitcoin exchange, operated by iFinex Inc.","source":"Wikipedia: Bitfinex","source_url":"https://en.wikipedia.org/wiki/Bitfinex"},{"date":"2015-01-01","event":"Bitfinex proactively contacted the CFTC regarding a potential investigation into its margin trading practices.","source":"CFTC Press Release 7380-16","source_url":"https://www.cftc.gov/PressRoom/PressReleases/7380-16"},{"date":"2016-06-02","event":"CFTC ordered Bitfinex to pay $75,000 for offering illegal off-exchange financed retail commodity transactions and failing to register as an FCM.","source":"CFTC Press Release 7380-16","source_url":"https://www.cftc.gov/PressRoom/PressReleases/7380-16"},{"date":"2016-08-02","event":"Bitfinex suffered a security breach; 119,756 BTC (approximately $72 million) stolen. Exchange socialized losses across all customers via a 36% haircut and issued BFX debt tokens.","source":"Wikipedia: 2016 Bitfinex Hack","source_url":"https://en.wikipedia.org/wiki/2016_Bitfinex_hack"},{"date":"2017-04-03","event":"Bitfinex fully redeemed all outstanding BFX tokens at $1 face value, completing repayment to customers within approximately eight months of the hack.","source":"Bitfinex Blog: 100% Redemption of Outstanding BFX Tokens","source_url":"https://blog.bitfinex.com/announcements/100-redemption-outstanding-bfx-tokens/"},{"date":"2017-01-01","event":"Bitfinex ceased serving U.S. residents, citing banking difficulties and the cost of U.S. regulatory compliance.","source":"CoinTelegraph: Bitfinex Fires U.S. Customers","source_url":"https://cointelegraph.com/news/breaking-news-bitfinex-fires-us-customers"},{"date":"2019-04-01","event":"New York Attorney General commenced investigation into iFinex, alleging Bitfinex secretly borrowed approximately $850 million from Tether reserves to cover payment processor losses.","source":"CoinDesk: NY AG's $850M Probe","source_url":"https://www.coindesk.com/markets/2021/02/23/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-185m-settlement"},{"date":"2019-05-01","event":"iFinex launched the UNUS SED LEO token in a $1 billion initial exchange offering.","source":"iFinex LEO Token White Paper","source_url":"https://www.bitfinex.com/wp-2019-05.pdf"},{"date":"2021-02-23","event":"Bitfinex and Tether settled with the NYAG for $18.5 million, without admitting or denying wrongdoing. Both entities agreed to stop serving New York residents and to provide quarterly reserve disclosures for two years.","source":"CNBC: Tether, Bitfinex Reach Settlement","source_url":"https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html"},{"date":"2021-10-15","event":"CFTC ordered Bitfinex to pay $1.5 million and Tether to pay $41 million (total $42.5 million) for illegal retail commodity transactions and misleading reserve disclosures, respectively.","source":"CFTC Press Release 8450-21","source_url":"https://www.cftc.gov/PressRoom/PressReleases/8450-21"},{"date":"2022-02-08","event":"DOJ announced the largest financial seizure in U.S. history — over $3.6 billion in BTC traced to the 2016 Bitfinex hack — and charged Ilya Lichtenstein and Heather Morgan with money laundering conspiracy.","source":"CoinDesk: US Officials Seize Bitcoin from 2016 Bitfinex Hack","source_url":"https://www.coindesk.com/policy/2022/02/08/us-officials-seize-bitcoin-from-2016-bitfinex-hack"},{"date":"2023-08-01","event":"Ilya Lichtenstein admitted in court to being the perpetrator of the 2016 Bitfinex hack.","source":"Wikipedia: 2016 Bitfinex Hack","source_url":"https://en.wikipedia.org/wiki/2016_Bitfinex_hack"},{"date":"2024-11-14","event":"Ilya Lichtenstein sentenced to 60 months in federal prison; Heather Morgan sentenced to 18 months. Both sentences related to money laundering conspiracy involving the 2016 Bitfinex hack.","source":"DOJ Press Release: Bitfinex Hacker Sentenced","source_url":"https://www.justice.gov/usao-dc/pr/bitfinex-hacker-sentenced-money-laundering-conspiracy-involving-billions-stolen"},{"date":"2025-01-01","event":"Bitfinex Derivatives received a Digital Asset Service Provider license from El Salvador's CNAD. U.S. prosecutors also filed a motion for approximately 94,000 recovered BTC to be returned to Bitfinex.","source":"Bitfinex Blog: El Salvador Licence","source_url":"https://blog.bitfinex.com/announcements/bitfinex-secures-licence-in-el-salvador/"},{"date":"2025-02-25","event":"Federal restitution hearing in which a U.S. court recognized Bitfinex as the sole victim of the 2016 hack and ordered return of approximately 94,643 BTC (then valued at approximately $9 billion).","source":"BeInCrypto: Bitfinex Hack Update 2025","source_url":"https://beincrypto.com/bitfinex-hack-9-billion-bitcoin-recovery/"},{"date":"2026-04-17","event":"U.S. government continued transferring BTC linked to the 2016 hack to Coinbase as part of the ongoing return process.","source":"CoinDesk: U.S. Government Moves Bitcoin Linked to Hack to Coinbase","source_url":"https://www.coindesk.com/markets/2026/04/17/the-u-s-government-moves-usd606-000-in-bitcoin-linked-to-the-2016-bitfinex-hack-to-coinbase"},{"date":"2026-05-12","event":"Bitfinex announced an expanded licence from El Salvador's CNAD covering both spot and derivatives activity.","source":"Cryptonomist: Bitfinex El Salvador Licence Expands","source_url":"https://en.cryptonomist.ch/2026/05/12/bitfinex-el-salvador-licence-expands/"}],"sources_used":[{"url":"https://en.wikipedia.org/wiki/Bitfinex","name":"Wikipedia: Bitfinex","type":"other","archive_url":"http://web.archive.org/web/20260914032503/https://en.wikipedia.org/wiki/Bitfinex","credibility":2,"archive_timestamp":"2026-09-14T03:25:03+00:00"},{"url":"https://en.wikipedia.org/wiki/2016_Bitfinex_hack","name":"Wikipedia: 2016 Bitfinex 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