search newsletter login upgrade

No, Bitfinex’s seized $850 million is not likely to be unfrozen within weeks

by Robert-Jan den Haan

April 30, 2019, 3:51PM EDT  ·  7 min read

Quick Take

  • As part of an anti-money laundering operation, the Polish Ministry of Justice seized $350 million belonging to a subsidiary of Crypto Capital and related entities
  • Based on information reviewed by The Block, the investigation seems far from over
  • Crypto Capital decided to dissolve and liquidate itself in June 2018 and moved its operations to Zug, Switzerland under the name Global Trade Solutions AG

by Robert-Jan den Haan

April 30, 2019, 3:51PM EDT  ·  7 min read

The extent of the fallout after the New York State Attorney General (NYAG) sued Bitfinex is still taking shape, but we do know that $850 million belonging to Bitfinex’s customers is currently missing, or rather, inaccessible. Bitfinex executives have made reassurances that the seized funds would be released within weeks, but a deep dive into information currently known shows that is unlikely to be the case.