The owner of the cryptocurrency exchange Bitfinex, iFinex, plans to conduct a $150 million share buyback program

ChainCatcher news, according to Bloomberg, the owner of the cryptocurrency exchange Bitfinex, iFinex, plans to conduct a $150 million share buyback program to better control the operations of the private company. iFinex has already sent a letter to shareholders on September 22, proposing to buy back 15 million shares at a price of $10 per share. This transaction accounts for approximately 9% of iFinex's uncirculated capital, which would value the company at $1.7 billion, and at least one subsidiary will need to inject cash to implement this proposal.

It is reported that this buyback arrangement is offered to shareholders who purchased iFinex shares during the exchange arrangement with the investment platform BnkToTheFuture in 2016. In 2016, Bitfinex was hacked, and approximately $71 million worth of Bitcoin was stolen (now valued at $3.3 billion). Bitfinex fully compensated users for their losses by offering BFX tokens, which were then exchanged for company shares through BnkToTheFuture.