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

by Celia Wan

May 4, 2019, 2:07AM EDT  ·  2 min read

Quick Take

  • Bitfinex is conducting a $1 billion IEO, according to the Bitfinex IEO white paper details posted by the company’s shareholder Zhao Dong
  • The exchange tokens are issued to provide liquidity to the company, as $850 million of its funds are currently frozen by the authorities in Poland, the U.S., and Portugal
  • The IEO allocations are currently available to private investors, and will be open to the public after May 10 if allocations remain

by Celia Wan

May 4, 2019, 2:07AM EDT  ·  2 min read

Crypto exchange Bitfinex will conduct an initial exchange offering (IEO), aiming to raise $1 billion, according to details from an upcoming white paper reviewed by The Block. The final version of the white paper is still under review.

Bitfinex’s exchange tokens, dubbed LEO, would first be offered to private investors, then subsequently opened to the public after May 10 if there is any allocation left, according to the information shared by shareholder Zhao Dong.