Bitfinex
Company History
Bitfinex History: Founding, Growth & Key Milestones
Founded 2012 in Hong Kong, China
When was Bitfinex founded?
Bitfinex was founded in 2012 in Hong Kong, China by Raphael Nicolle and Giancarlo Devasini, making it 14 years old.
- Founded
- 2012
- Founding place
- Hong Kong, China
- Founders
- Raphael Nicolle and Giancarlo Devasini
- Headquarters today
- Road Town, Tortola, British Virgin Islands
- Milestones documented
- 20 (2012–2026)
- Current CEO
- JL van der Velde
- Acquisitions
- 3
| Year | Event |
|---|---|
| 2012 | Bitfinex launches |
| 2015 | First hack |
| 2016 | First CFTC penalty |
| 2016 | 119,756 BTC stolen |
| 2017 | All BFX tokens redeemed |
| 2019 | $1 billion LEO token sale |
| 2019 | Lightning Network support |
| 2021 | NYAG and CFTC settlements |
| 2021 | Bitfinex Pay launches |
| 2022 | US seizes hacked bitcoin |
| 2023 | First El Salvador licence |
| 2023 | Orionx investment and Latin America P2P |
| 2024 | First tokenised bond |
| 2024 | Hacker sentenced |
| 2025 | Derivatives arm moves to El Salvador |
| 2025 | Restitution of 94,643 BTC backed |
| 2025 | Zero trading fees |
| 2026 | Hacker released early |
| 2026 | Main exchange licensed in El Salvador |
| 2026 | Capstone payment accounts seized |
- Where was Bitfinex founded?
- Bitfinex was founded in Hong Kong, China in 2012. wikidata.org
- Who founded Bitfinex?
- Bitfinex was founded by Raphael Nicolle and Giancarlo Devasini.
- When did Bitfinex start?
- Bitfinex was founded in 2012.
- How old is Bitfinex?
- Bitfinex is 14 years old as of 2026.
Founding Story
Raphael Nicolle, an IT technician from Paris, launched Bitfinex in December 2012, drawing on Bitcoinica, an earlier bitcoin margin-trading platform. It started as a peer-to-peer bitcoin lending service and soon added exchange trading. Giancarlo Devasini, an Italian who trained in medicine before running computer-hardware businesses, became its largest shareholder and CFO, and Dutch executive JL van der Velde became CEO in 2013. Nicolle stayed on as a developer until early 2017. Tether, launched as Realcoin in July 2014 and renamed that November, came under the same owners, and Paolo Ardoino joined Bitfinex as a software developer the same year.
Founders
Raphael Nicolle
Raphael Nicolle launched Bitfinex in December 2012 as a peer-to-peer bitcoin lending platform, drawing on Bitcoinica, an earlier margin-trading site. He built the first versions of the exchange and lending engine, then handed management to JL van der Velde and Giancarlo Devasini while continuing as a developer until early 2017. (Exact birth year remains publicly undisclosed).
Giancarlo Devasini
Giancarlo Devasini joined Bitfinex in its first year, became its largest shareholder and serves as CFO of Bitfinex and Tether. He oversaw the group's finances through the 2016 hack, the banking cut-offs of 2017-2019 and the $1 billion LEO token sale. A 2023 Wall Street Journal report put his stake at about 43%. He seldom speaks publicly. Giancarlo Devasini was born in 1964 in Turin. Devasini was born in 1964 and is a former physician. He is also a co-owner of Tether and has been reported to hold a stake of about 45 percent in it.
Key Milestones
Bitfinex launches
Raphael Nicolle launches Bitfinex in December 2012 as a peer-to-peer bitcoin lending platform, later adding exchange trading.
Source: en.wikipedia.orgFirst hack
A May 2015 breach costs about 1,500 BTC, roughly $400,000 at the time.
Source: en.wikipedia.orgFirst CFTC penalty
In June 2016 the CFTC orders Bitfinex to pay $75,000 for illegal off-exchange financed commodity transactions and failing to register as a futures commission merchant.
Source: en.wikipedia.org119,756 BTC stolen
On 2 August 2016 an attacker steals 119,756 BTC, worth about $72 million. Bitfinex cuts all balances by 36% and issues BFX debt tokens.
Source: support.bitfinex.comAll BFX tokens redeemed
Bitfinex finishes redeeming every BFX token in April 2017, eight months after the hack. The same month Wells Fargo stops processing its wires.
Source: en.wikipedia.org$1 billion LEO token sale
After about $850 million at payment processor Crypto Capital is frozen and the New York Attorney General opens a case, iFinex raises $1 billion selling UNUS SED LEO tokens in May 2019.
Source: prnewswire.comLightning Network support
Bitfinex becomes one of the first major exchanges to offer Lightning Network deposits and withdrawals in December 2019.
Source: theblock.coNYAG and CFTC settlements
Bitfinex and Tether pay $18.5 million to settle the New York Attorney General case in February 2021; in October 2021 the CFTC fines Bitfinex $1.5 million.
Source: en.wikipedia.orgBitfinex Pay launches
Bitfinex launches Bitfinex Pay in March 2021 so online merchants can accept crypto payments.
Source: en.wikipedia.orgUS seizes hacked bitcoin
In February 2022 US authorities arrest Ilya Lichtenstein and Heather Morgan and seize about 94,000 of the stolen bitcoin, then worth $3.6 billion.
Source: en.wikipedia.orgFirst El Salvador licence
Bitfinex Securities receives the first licence issued by El Salvador's National Commission of Digital Assets in April 2023.
Source: blog.bitfinex.comOrionx investment and Latin America P2P
Bitfinex announces an investment in Chilean exchange Orionx in May 2023 and launches peer-to-peer trading in Venezuela, Argentina and Colombia in June.
Source: en.wikipedia.orgFirst tokenised bond
In April 2024 Bitfinex Securities opens a $6.25 million, 10% five-year bond to build a Hampton by Hilton hotel at El Salvador International Airport.
Source: blog.bitfinex.comHacker sentenced
Ilya Lichtenstein is sentenced to five years in federal prison in November 2024; Heather Morgan receives 18 months.
Source: justice.govDerivatives arm moves to El Salvador
In January 2025 Bitfinex Derivatives relocates from the Seychelles to El Salvador after receiving its own DASP licence.
Source: cnad.gob.svRestitution of 94,643 BTC backed
January 2025 court filings support returning 94,643 BTC seized from the hacker to Bitfinex as in-kind restitution.
Source: cryptoslate.comZero trading fees
On 17 December 2025 Bitfinex sets maker and taker fees to zero for spot, margin, perpetual derivatives, Bitfinex Securities and OTC trades.
Source: blog.bitfinex.comHacker released early
Ilya Lichtenstein is released from prison on 2 January 2026 under the First Step Act.
Source: cnbc.comMain exchange licensed in El Salvador
On 12 May 2026 Bitfinex receives a Digital Asset Service Provider licence, adding the main exchange to its licensed securities and derivatives entities in El Salvador.
Source: blog.bitfinex.comCapstone payment accounts seized
In July 2026 US prosecutors seize about $84.2 million from accounts of Capstone, a payment firm that court papers say processed much of its flow for Tether and Bitfinex. Both said they were unaware of the alleged misconduct.
Source: tradingview.comMajor Acquisitions
Orionx (investment)
2023Investment in a Chilean crypto exchange to grow in Chile and Latin America.
Holepunch (co-funded with Tether)
2022Fund a serverless peer-to-peer application stack.
CityPay.io (strategic investment)
2023Acquired a strategic stake in crypto payment processor CityPay.io to expand merchant crypto payments across Georgia, Armenia, and the CIS region.
Keep researching Bitfinex
Bitfinex Company History FAQ
When was Bitfinex founded and by whom?
Bitfinex launched in December 2012. Paris IT technician Raphael Nicolle built it as a peer-to-peer bitcoin lending platform; Giancarlo Devasini became the largest shareholder and JL van der Velde became CEO in 2013.
What happened in the 2016 Bitfinex hack?
On 2 August 2016 an attacker stole 119,756 BTC, then worth about $72 million. Bitfinex spread the loss across all accounts with a 36% haircut, issued BFX tokens worth $1 of debt each and redeemed all of them by April 2017.
Why did Bitfinex create the LEO token in 2019?
After about $850 million held by payment processor Crypto Capital was frozen, iFinex sold $1 billion of UNUS SED LEO tokens in May 2019 and pledged to buy them back with an amount equal to at least 27% of consolidated gross revenues.
Who hacked Bitfinex?
Ilya Lichtenstein admitted in August 2023 that he carried out the 2016 hack. He was sentenced to five years in November 2024 and released early on 2 January 2026 under the First Step Act; his wife Heather Morgan received 18 months for laundering.
When did Bitfinex move to El Salvador?
In stages: Bitfinex Securities received CNAD's first licence in April 2023, Bitfinex Derivatives relocated from the Seychelles with its own licence in January 2025, and the main exchange received a DASP licence on 12 May 2026.
When did Bitfinex drop trading fees?
On 17 December 2025, for spot, margin, perpetual derivatives, Bitfinex Securities and OTC trades, with no volume or LEO-holding conditions.
When was Bitfinex founded?
Bitfinex was founded in 2012 by Raphael Nicolle as a peer-to-peer Bitcoin lending platform, eventually becoming one of the most liquid and historically significant crypto exchanges in the world.
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