Published the whitepaper token LEO, on the sale of which Bitfinex plans to raise $ 1 billion

Bitfinex Cryptocurrency Exchange published the whitepaper LEO token, with which it intends to raise $ 1 billion during the initial exchange offer (IEO).

It is expected that this amount will allow to fill the previously formed deficit of $ 850 million – the site operator will redeem tokens monthly for an amount of 27% of the profits.

Private stage tokenseyl end May 11. If by this time the fees have not reached the intended hardcap, Bitfinex will refuse the public part of the campaign.

“If less than 1 billion USDT is sold during private tokensale, the issuer can continue to sell them in such a way and at a time that it considers appropriate at its own discretion in accordance with applicable laws,” the document says.

The issuer of the LEO token is Unus Sed Leo Limited, the newly registered IEO-iFinex platform.

The document also says that iFinex, which will be launched in June, will actively participate in the development of the second-tier Lightning Network.

“Ideally, digital assets developed and presented by iFinex, including the LEO token, should be among the first digital assets launched on the Lightning Network,” the company writes.

In addition, Bitfinex plans to create a “licensed and regulated exchange of security tokens”, launch a derivative product with security at USDT and leverage up to 100x, as well as the Dazaar Big Data Marketplace and Betfinex exchange rates.

Another project will be the modular set of tools, libraries and protocols μFinex, based on the principles of open source. It will be used in both stock and derivative products.

Recall that in late April, the Prosecutor General’s Office of New York reported receiving a court order against Bitfinex in connection with the alleged loss of the last $ 850 million and the concealment of this fact from market participants.

Representatives of the trading platform said that we are not talking about permanent loss. These funds are frozen in bank accounts of Panamanian processing Crypto Capital Corp. in four countries.

To ensure liquidity, Bitfinex was forced to turn to Tether Limited for a loan and, according to the Prosecutor General’s Office, has already received $ 750 million from the company's reserves. In this department considered the composition of the crime.

On May 7, the New York State Supreme Court upheld the injunction against the Bitfinex Bitcoin Exchange, which does not allow Tether Limited to use its reserves for lending to the Exchange and other investment activities.

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