/biz/ - Business & Finance

I unironically have proof that Bitfinex manipulates the price recently to prevent Bitcoin going to 0. This is basically the cryptocurrency version of a FED trying to keep prices up except it’s unregulated, not broadcasted, and just in general a shitty and scammy process.

This is what Bitfinex did:

A) They launched a DDOS attack on Bitmex. There were only 9M in bids left before the price would go to 0 on Bitmex. Meanwhile, tons of sell walls from liquidated longs (people who bought on margin and got rekt) were present on Bitmex. This means that no one was buying, and sells were overwhelming any buys. Only 9 million needed to be market sold to send the price to LITERALLY ZERO. Here is Bitmex’s article on the DDOS attack. https://blog.bitmex.com/site_announcement/ddos-attack-13-march-2020/

B) These fuckers (fuck Bitfinex) knee that once Bitmex went down, no sell pressure from the liquidation walls existed and the price went up. They then sent 3000 BTC to Bitmex so they can quickly buy all the liquidation walls once Bitmex went back up. The transaction can be viewed here: https://www.tokenanalyst.io/exchange/BTC/BitMEX?tier=-1..

A $15,543,870 (3000.0000 BTC) deposit into Bitmex has been broadcast to the bitcoin mempool.
Expected to be confirmed in block 621442.

Go to the exact transaction and you can see it comes from a Bitfinex hot wallet.

This allowed them to also profit from Bitmex Kong’s, so they can keep the extra BTC in order to keep the price afloat in case the price crashes again. Stay the fuck away from Bitfinex. Bitmex is fine.

What does this all mean? The price of bitcoin is not real right now. It is propped up. If you aren’t selling to USD on any exchange, I don’t know what to tell you. SPREAD THIS INFORMATION EVERYWHERE

On Thursday night. a DDOS attack was launched on Bitmex to prevent the price from crashing down to 0.

There were 9M in bids left until 0 on Bitmex. Tons and tons of liquidations were put up as sell walls. For any lower IQ people who have trouble understanding this, the TL;DR version is that Bitcoin was going to 0.

Once Bitmex went down, the sell pressure of the liquidation walls was gone, allowing the price to be pumped. Since it pumped a shit ton, once Bitmex came back up, people started buying.

So one of two things happened:

A) Bitmex is telling the truth which makes it so that DDOS attackers were able to shut down Bitmex and prevent their worthless bags from dropping

B) Bitmex is lying and they shut down the exchange on purpose allowing the price to pump so they can save it.

Either way, this means that the real price is much lower than the currently propped up price, and yes, this is true even after a 70% dump.

You’ll be thanking me for disseminating this information to you. You can verify none of my information is false. Don’t short on manipulated exchanges. But sell your crypto to USD or another current asap. I’m helping you.