Bitfinex “Bank Run”, Users Can’t Withdraw FIAT – Is The Collapse Coming?

Several users have posted about being unable to withdraw their funds from the platform, and not ever receiving their funds even after months. Fellow Bitfinex users have advised that users stop using and get out of the exchange as soon as possible, in order to prevent further losses – some believe that Bitfinex’s downfall is soon approaching and that any users who continue to stay on the platform are only likely to lose money.

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Bitfinex officials have themselves responded to such posts, though it does not address the fact that many users have been waiting months for withdrawals,

Both Bitfinex and Tether have been under a lot of pressure lately, being under investigation by the New York Attorney General’s office for allegedly using illicit transactions to cover up losses. CoinMarketCap, meanwhile, has excluded Bitfinex from the Bitcoin price.

There has been some concern as to whether the exchange will shut down, given the financial difficulty it is going through. Both Bitfinex and Tether, however, have said they will fight the investigation.