Secondaries on Bitfinex are trading at $17 a pop equating to a $3.7B valuation for Bitfinex. This seems a bit low compared to Coinbase's for running the hodgepodge operation that is Tether.
It seems low because Bitfinex has a literal money printing machine that the New York AG doesn't care about as long as they get their kickbacks in the form of fines.
