Hong Kong’s iFinex Inc., the parent company of crypto exchange Bitfinex, has proposed a share buyback of $150 million.
The latest move is an attempt to consolidate itself in the face of increased regulatory scrutiny in the crypto sector., the parent company of crypto exchange Bitfinex, Hong Kong based iFinex, has proposed a share buyback of $150 million. iFinex shares its board members with major stablecoin issuer
The proposal does, however, include a precondition: iFinex must first get a large financial inflow from one or more of its subsidiary businesses.The offer is open to shareholders who bought iFinex stock through a 2016 swap agreement with the investment platform BnkToTheFuture. That year, Bitfinex experienced a hack resulting in the theft of around $71 million inBitfinex compensated affected users with BFX tokens, which iFinex eventually traded for shares in its company via BnkToTheFuture.
The proposed buyback would provide an avenue for investors to address and support Bitfinex Group’s burgeoning regulatory needs. Additionally, it offers a lucrative exit strategy for investors from a non-liquid investment.
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