Bitfinex’s parent company, iFinex Inc issued an application with a Southern Californian US district court on 18 October in order to retrieve the $800 million of Bitfinex’s fund , which was previously assigned to Global Trade Solutions AG aka Crypto Capital.
The subpoena application presented by iFinex Inc. suggested that,
“Applicant iFinex Inc. (“iFinex” or “Applicant”) seeks the assistance of this Court in obtaining discovery for use in foreign proceedings both currently ongoing and contemplated in Poland, Portugal, and the United Kingdom. In those proceedings, Applicant seeks to recover approximately $880,000,000 of funds which it had entrusted to an entity named Global TradeSolutions AG (“Global Trade”), doing business as “Crpto Capital”.”
Cryptocurrency exchange, Bitfinex retaliated to the same by seeking the court’s approval to acquire the declaration testimony of ex Vice-President of TCA Bancorp, Rondell “Rhon” Clyde Monroe. Furthermore, the exchange also requested to access documents pertaining to the communications between Crypto Capital and Monroe’s employees.
Furthermore, Global Trade Solutions AG was accused by the exchange for handling more than one account at TCA Bancorp which was further used to initiate the $880 million fund transfer that belonged to Bitfinex. Monroe additionally possessed details that would authorize Bitfinex’s right over the $880 million, the exchange alleged.
Monroe and TCA Bancorp currently hold more than $300 million of Bitfinex funds through G.T.S Resources Limited while $335 million was held at Poland’s Bank Spoldzielczy by Crypto Capital and the remaining $218 million was in 3 Portugal banks, the exchange revealed.
Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings
Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.
Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.
Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.
Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.
Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.
Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,
“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”