Bitfinex IEO Whitepaper Leaked Read Full Details About IEO
The last week of April is full of Tether and Bitfinex Fud. The starting of May come with another news from Bitfinex. The cryptocurrency exchange seems to bring its own IEO. A document is shared by Zhao Dong, the founder of DGroup which seems to be Bitfinex IEO whitepaper.
Zhao Dong a prominent Bitfinex shareholder is becoming a messenger to bring critical news from the exchange. Recently Zaho shared a document on his Weibo account which probably the Whitepaper of Bitfinex IEO.
The whitepaper states that the Bitfinex will launch its own tokens named “LEO”. The private sale of the Bitfinex IEO is scheduled to 10 May and public offering will be after May 10. Few users are invited for the private sale (who receives the whitepaper of IEO) and a public sale will only take place if the private sale is insufficient to complete the hard cap. Zaho also comments on some social media that Bitfinex already raised $600 million via private sale.
The whitepaper is getting interesting as it mentions the main reason for the launch of Bitfinex own token is that the firm $850 million funds are frozen in several accounts.
Bitfinex replied on this in the whitepaper:
“Bitfinex is actively collaborating with the legal investigation and applying to unfreeze these funds through legal procedures. And the firm is confident that it will retrieve these funds”
Here are the main points you should read in the whitepaper (if you can translate Mandarin).
- LEO Token Supply: A total of 1 Billion LEO tokens will be available for IEO.
- LEO Economical Model: LEO tokens will be destroyed on monthly repurchase program. The source of repurchasing funds is given in the whitepaper.
“The frozen ($ at least) 95% of the frozen $850 million will be used to repurchase and destroy LEO.”
- LEO Token Use Case: LEO tokens have the following use cases: Bitfinex transaction fee 2. Bitfinex lending fee 3. Bitfinex withdrawal and recharge fees, etc.
The bitfinex token will be the competitor of BNB (Binance Coin) and this looks like a good fight.
