The LEO Token via IEO Will Be Available for Trading on BitFinex Next Week, May 20th
- LEO Token will be available for purchase and sale by May 20th.
- The lawsuit against Bitfinex includes their payment processor Crypto Capital.
Bitfinex has been working on their LEO token for a while, and it is almost ready to launch to investors. According to an announcement from The Block, the exchange said that they will be allowing for the trading of the token by May 20th.
When it first becomes available, the LEO token will trade against BTC, EOS, ETH, USD, and USDT. According to CTO Paolo Ardoino commented that the platform has already raised $1 billion during a private token sale, which was made up of Bitcoin, USD, and USDT collectively. At this point, there is no information regarding who bought into the round, but the company confirmed that they’ve sold all of the tokens they issued. Ardoino added that the investments from contributors varied between $1 million and $100 million.
The LEO token was created in response to the missing $850 million, hoping to cover the funds that have been frozen in the Crypto Capital accounts for Bitfinex. Crypto Capital is a payment processing company that controls the Bitfinex accounts, and it is woven deeply through the current court order that the New York Attorney General’s office issued against the firm.
According to NYAG, Bitfinex committed criminal activity by co-mingling client funds, while pulling funds from Tether to hide the funds that were seized in the process.