Following the controversy that Bitfinex allegedly used illicit funds to cover $850 million in losses, which it, along with Tether, has decided to contest in court, the company has released a white paper in preparation for a $1 billion Initial Exchange Offering (IEO).
The tokens will be an investment in iFinex and its products and services, which includes forthcoming projects, Bitfinex Derivatives and Dazaar.
The tokens, called LEO, will first be offered to private investors before being open to the general public, if there are tokens left for the taking. The white paper says,
If fewer than 1 billion USDT tokens are sold by private token sale, the issuer may thereafter sell remaining tokens at times and in a manner it deems appropriate in its sole discretion, consistent with applicable law.
The token sale ends on May 11.
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