We know bitfinex lost 70 million USD.
They transferred the haircut of 36% to their customer base.
Tokens, BFXcoin were issued to cover the losses - 1 bfxcoin = 1usd notional. BFXcoin is being hoovered up now for 1 bfxcoin = 0.19c -> 0.33c
A large whale who wants to cheaply buy equity in finex (including the current management) can buy up 70 million USD of debt for a third of the price (and it will probably go lower).
Does this mean bitfinex can get out of the legal predicament they are in? If a major investor is announced to 'save' bitfinex will this BFXcoin rally up towards 1. Conversely if no investor is located and the lawyers begin to circle will it crash to 0.
TLDR: BFX coin seems to be a great health meter to track what the insiders are doing at finex..
