Bitfinex Now Wants to Raise $1B For Its Own Token

Bitfinex, the notorious cryptocurrency exchange under investigation by US regulators for the coverup of $850 million in missing funds, is conducting an initial exchange offering (IEO) for up to $1 billion to replace the missing funds which are purportedly frozen under Crypto Capital’s control.

New promotional material for Bitfinex’s IEO was recently released by Zhao Dong, a Bitfinex shareholder who tweeted the promotional documents on May 4:

Bitfinex’s Token Dubbed LEO

Per the released documents, Bitfinex’s IEO will offer 1 billion USDT worth of the exchange’s tokens, dubbed LEO, available for purchase.

The token is described to be a utility token for the heart of the company’s ecosystem and will offer users reduced trading fees on Bitfinex and the company’s decentralized exchange, EOSfinex. Moreover, the token will reportedly grant fee reductions for lending, withdrawals, deposits, and derivatives.

The documents also promise that LEO tokens will be featured on iFinex’s future trading platforms, products, and services. For the uninformed, iFinex is the company behind Bitfinex and Tether (USDT), making it one of the most controversial companies in the crypto space.

Also revealed in the LEO tokens promotional paper is that LEO tokens will not be available for sale to citizens of the United States, Canada, and some other jurisdictions.

Would you invest in Bitfinex’s IEO despite the fact they’re being investigated by US regulators, have controversial ties to Tether, and could potentially get shut down? Let us know what you think in the comment section below.