Bitfinex LEO Token has been rallying in the past week, as U.S. authorities allegedly captured the bad actors that took over 100,000 BTC from the platform back in 2016. LEO was created as a utility token as part of a mechanism to compensate the victims of the attack and repaid them for their losses. Related Reading | Meet The Two Alleged Bitfinex Hackers: Ilya Lichtenstein and Heather Morgan As of press time, the LEO Token trades at $6 with a 2.4% profit in the last day. On a 30-day basis, the token rallied from a low at $3.50 and reached a high of almost $8 as the news about the capture of Ilya Lichtenstein and Heather Morgan, the alleged hackers, became known. There has been a lot of speculation around whether U.S. authorities will return the stolen funds to Bitfinex. The funds are current value at over $3 billion and could fuel LEO’s burning mechanism, according to a recent report from Arcane Research. As explained on the LEO Token Whitepaper, iFinex, the parent company behind the crypto exchange, buys back the token on a monthly basis and proceeds to “burn them” by removing them from the market. The company acquires a portion of the token equal to a minimum of 27% of the consolidated gross revenues of iFinex, the document claims. In addition, the LEO Token can be burned if the funds seized in 2015 to their partner Crypto Capital, a payment processor, are returned. These were subject to a “partial government seizure” an...
SEC Hosts First-Ever Crypto Roundtable Today
