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📝 Bitfinex issues white paper for $1 billion token sale; exchange plans to use money to cover frozen funds

Messari

May 4, 2019 ⋅  1 min read

Bitifinex's rumored $1 billion initial exchange offering (IEO) is seemingly underway with The Block procuring an excerpt of the exchange's white paper from Bitifinex shareholder Zhao Dong. Under native token LEO, the IEO is purposed for covering the $850 million in funds frozen disclosed by the NY AG's recent allegations. The Block says some $600 million in verbal commitments have been made with the exchange planning on buying back and burning LEO tokens. LEO tokens will be available to private investors first with a secondary public sale planned for May 10th.

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