Bitfinex Crypto Exchange to Debut New Exchange Utility Token

Published at: May 17, 2019

Major cryptocurrency exchange Bitfinex has unveiled its exchange utility token UNUS SED LEO, in a press release on May 17.

The token will be useable for a variety of exchange-based activities and will begin trading on Bitfinex on May 20 against tether (USDT), bitcoin (BTC), ether (ETH), U.S. dollars and EOS pairs.

The whitepaper for the project, published on May 10, describes LEO as “a utility token at the heart of the iFinex ecosystem.” iFinex is the parent company of Bitfinex. iFinex purports that it provides a stronger and more independent infrastructure, having migrated from Amazon Web Services to a self-designed data center.

Bitfinex reportedly raised 1 billion tether (USDT) worth of U.S. dollars, bitcoin and tether for the token during its initial exchange offering.

As recently reported by Cointelegraph, the New York Supreme Court recently allowed Bitfinex and associated stablecoin project Tether to continue business during proceedings brought against it by the New York Attorney General (NYAG).

The NYAG originally claimed that Bitfinex lost $850 million and subsequently used funds from Tether to secretly cover the loss. Bitfinex responded to the allegations, saying the NYAG claims were inaccurate. The exchange said it would fight the case in court:

“And rest assured that we will vigorously challenge the false assertions made by the New York Attorney General’s office in their filing… In particular, we want to assure you that the allegation that we have ‘lost’ $850 million is categorically false.”

Tags
Altcoin
Cryptocurrency Exchange
Cryptocurrencies
Tokens
Bitfinex
Unus Sed Leo
Related Posts
Cryptocurrency Exchange Bitfinex Announces a LEO Token Burn Initiative
Cryptocurrency exchange Bitfinex announced a LEO burn initiative in a Medium post published on June 14. Per the announcement, the initiative will see the exchange’s parent company iFinex funnel its gross revenue into purchasing LEO tokens at market prices in what the post refers to as the UNUS SED LEO burn mechanism. This new system will launch alongside the LEO Transparency Dashboard, which will reportedly provide real-time insights into all collected platform fees and LEO token burns. The company explains its reasoning: “We are doing this to remove the possibility of uncertainty from LEO holders, subsequently allowing our community to …
Altcoin / June 14, 2019
Ampleforth Raises $5M in 11 Seconds in Tokinex Exchange Offering
Ampleforth has raised $4.9 million in 11 seconds in its AMPL token sale, according to an announcement on June 13. The initial exchange offering (IEO) was the first to take place on Ethfinex and Hong Kong-based crypto exchange Bitfinex’s Tokinex platform . An IEO is an alternative to an initial coin offering (ICO) in which a centralized exchange is responsible for vetting the token projects and investors, and then subsequently conducting the initial sale of the token. This IEO, ran by Tokinex, reportedly sold off 10% of Ampleforth’s total token supply, which will be available to its initial investors some …
Bitcoin / June 13, 2019
Top 3 cryptocurrencies that are faring the best in the 2022 bear market
The crypto market has been in decline over the past six months with its valuation dropping from over $3 trillion in November 2021 to $1.23 trillion in May 2022. Fears over persistently higher inflation, the Federal Reserve's hawkish response to it, and the ongoing conflict between Ukraine and Russia prompted investors to limit their exposure to riskier assets. Also, their increasing appetite for the safe-havens, such as the U.S. dollar, weighed down demand for some of the top cryptocurrencies and U.S. equities. As a result, some digital assets, such as Dogecoin (DOGE) and Cardano (ADA), fell by more than 80% …
Markets / May 24, 2022
2 reasons why Casper (CSPR) IOU token rallied 2,300% in one week
Bull market cycles in the cryptocurrency market can be exhilarating for day traders and long-term investors alike, but the speed at which the prices move can make it a challenge for promising new projects that are looking to catch the momentum before the cycle plays itself out. This reality has led to some projects listed on exchanges in the form of token IOUs so that interested parties can get in on the trading action before the token is officially released. Polkadot (DOT) is one of the most well-known examples of a token that went through this process. Casper (CSPR), a …
Markets / May 10, 2021
Crypto Exchange Bitfinex Temporarily Shuts Down Deposits and Withdrawals
Cryptocurrency exchange Bitfinex has temporarily shut down its services, according to a tweet published on May 31. The tweet specifically says that the change has temporarily paused deposits and withdrawals “due to the outrage of one of [their] network providers.” “Funds are safe in cold storage. Situation should be restored ASAP (ETA 3/4h). Apologies for the inconvenience,” the company further states. Bitfinex CTO Paolo Ardoino has posted links to the exchange’s hot wallets, so as to insure the community that there are no outgoing tokens and that user funds were secure. As previously reported, Bitfinex and its affiliated stablecoin issuer …
Trading / May 31, 2019