Bitfinex

Bitfinex is an exchange headquartered in Hong Kong that launched in 2012 and is best known for its connection to stablecoin Tether (USDT). It suffered two major hacks in 2015 and 2016 that lost 1,500 BTC and 120,000 BTC respectively. Many suspected that Bitfinex printed millions of USDT to replace some of the 2016 losses. In 2017 it was revealed that Bitfinex and Tether are both owned by iFinex, with Tether described as Bitfinex’s “sister company”. In April 2019 Bitfinex was accused by the New York Attorney General’s office of using Tether funds to cover up an $850 million hole in their accounts, which led to Bitfinex holding an immediate token sale to raise $1 billion to plug the gap.