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Basics

  • Announced on:
  • Mainnet release:
  • Crypto exchange that is Hong Kong based

History

Token

Launch

  • One billion LEO tokens were sold on a 1:1 basis with the tether stablecoin. LEO was launched on both the Ethereum and the EOS blockchain. 64% of the initial supply was on the Ethereum blockchain & 36% of the initial supply was on the EOS blockchain.

"In 2018 iFinex, the parent company of Bitfinex, was made aware it's payment processor, Crypto Capital, was subject to a partial government seizure of its funds. While efforts are being made, there is no certainty that Bitfinex will be able to recover the funds. To alleviate the cash shortfall, BitFinex announced it would conduct a private offering for $1 billion for it's token Unus Sed Leo.

The token will be used to receive discounts on trading on current and future iFinex trading platforms and services. iFinex will buy back tokens from the market with a minimum of 27% of consolidated revenues from the previous month until all tokens are removed from circulation. In addition, an amount equal to 95% of the recovered net funds from Crypto Capital and 80% of recovered funds from a 2016 hack will be used to repurchase outstanding tokens."

Token allocation

Utility

Token Details

  • The iFinex ecosystem has an utility token called Unus Sed Leo (LEO). Allows you to save money on trading fees in Bitfinex (14-2-2021).

Stablecoin

Technology

  • Programming language used:

Transaction Details

How it works

Mining

Staking

Liquidity Mining

Layer Two

Different Implementations

Interoperability

Other Details

Privacy Method being used

Compliance

Oracle Method being used

Their Other Projects

DEX

Governance

DAO

Treasury

Upgrades

Roadmap

  • Can be found [Insert link here].

Audits

Bugs/Hacks

  • Had a theft of 72 million in 2016, some 119,756 bitcoin core (BTC) went missing. Update: Local Israeli media is reporting two brothers have been arrested by police in connection with their involvement in cryptocurrency exchange hacks. At least one of the men is thought to have had a hand in the 2016 Bitfinex $70M hack.

Usage

Projects that use or built on it

Competition

Coin Distribution

Pros and Cons

Pros

Cons

Team, Funding, Partnerships, etc.

  • Full team can be found [here].
  • Child company of iFinex
  • Partly owned by PAG Asia, who also owns part of Tether
  • Potter, Phil; CSO (Was part of Hong Kong consensus), got kicked out of Morgan Stanley after a quick career when he was 25. He was too loud about his financial spending.
  • Devasini, Giancarlo; Chief Financial Officer, made a career in the 90’s as software seller. Got caught selling falsified Microsoft software. He settled with the authorities and helped investigation to other falsifiers.
  • Van der Velde, Jean-Louis; CEO, used to be CEO of PAG Asia, a Chinese investment fund with billions of private equity. PAG is partly owner of Bitfinex and Tether.

Funding

  • Got investment of Jia Tian.
  • Bitfinex Partnered With at least 6 different banks during 2018. It has had quite some issues with keeping a fixed bank account.

"Last July, we secured a pre-seed funding round with Bitfinex, Arcane Crypto and Fulgur Ventures, three investors who are strongly committed to the growth of the Lightning Network ecosystem and who will certainly help us accelerate our development and offer new trading experiences to our users."

Partners

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