Bitfinex, a Hong Kong cryptocurrency exchange, intends to raise $ 1 billion through LEO tokens. In the private round of tokensail, the verbal obligations of investors to the site have already reached $ 600 million, reports The Block , citing one of the major investors, Zhao Dong.

So, Bitfinex allegedly intends to allocate a monthly 27% of the profits for the purchase of LEO tokens. Given the financial performance of the company for the years 2017-2018, this process can be completed in four years.

Nevertheless, the exchange reserves the right to redeem all tokens within 18 months, if funds in the amount of $ 850 million in the processing accounts of Crypto Capital will be unfrozen, says Dong. According to him, Bitfinex will send at least 95% of this amount to payments to investors and the subsequent burning of LEO coins.

It is noteworthy that if the exchange manages to return a part of 119,756 BTC stolen in 2016, these funds will also be used to buy out LEO. However, at the moment Bitfinex returned only 28 BTC, so the prospect of such a development of events seems somewhat doubtful.

Then the exchange also released a BFX token to compensate for the loss of users and paid off all debts in the spring of 2017.

We note, according to Dong, the cost of one LEO token will be $ 1, and the minimum amount of investments will be $ 1 million. Only qualified foreign investors will be admitted to the tokensale. At the same time, he argues, if the exchange manages to attract $ 1 billion by May 10, then IEO will remain closed.

Earlier, the New York Prosecutor General’s Office charged Bitfinex with the fact that, having suffered a loss of $ 850 million, she concealed this fact, using Tether reserves to cover the damage. According to law enforcement, the operator of the trading platform iFinex Inc. borrowed at least $ 700 million to fill the gap, but users were not notified.

The ministry claims that the exchange's funds are held by the payment service provider from Panama, Crypto Capital Corp., and the reason is their confiscation by the authorities of Portugal, the UK, Poland and the United States. So, the prosecutor's office received a court order, according to which iFinex should stop violating the laws of New York and mislead state residents.

In Bitfinex, meanwhile, they said that we are not talking about permanent loss of funds, and the company cooperates with the relevant departments in these countries and expects to defrost funds in the near future.

Recall that in Tether Limited confirmed that the steakblokoin USDT is supported by fiat reserves only by 74%, however, the company considers the practice of partial reservation acceptable.

Against the background of the problems that have arisen, users of the exchange began to actively withdraw funds to other platforms for the spot cryptocurrency trading. So, in just one week, the contents of a cold Ethereum wallet decreased by 40% or 800 thousand ETH.

The most active funds were withdrawn from Bitfinex on April 26. Then, over 12 hours, more than $ 300 million in Bitcoins and Ethereum left the site.

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