Following the private sale, the token has risen 70 percent and is currently trading at about $1.72, showing no signs of slowing down at all. It also has a current market cap of about $1.7 billion.

According to reports in May, before the private sale, Bitfinex announced that it intends to raise $1 billion USDT via the private sale of LEO tokens. Bitfinex CTO, Paolo Ardoino, at that time revealed on social media, that the sale was carried out among private companies which have each invested $100 million. The entire private sale lasted for 10 days.

About LEO tokens

According to LEO official white paper, the token will be used to reduce fees and other discounts on both Bitfinex and EthFinex. LEO will also be used for other fee reductions as well as for other features and benefits on iFinex future trading platforms. What stands out most is the repurchase and burn commitments of iFinex. Every month, iFinex and its affiliates are going to repurchase LEO tokens from the market. This will be equal to a minimum of 27 percent of the total gross revenues of iFinex, excluding the previous month Ethfinex.

All the repurchases will be made at prevailing market rates. In addition to the repurchases, 95% of the recovered net funds from Crypto Capital will be used to buy and burn outstanding LEO tokens, as well as 80% of Bitfinex recovered funds from the hack.

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