Blockchain

Bitfinex Raises $1 Billion Worth of USDT for New Token, Leo

Cryptocurrency exchange, Bitfinex, which has been under fire for sometime now, is taking huge strides to earn back their reputation. For those who are unfamiliar with the Bitfinex-Tether matter, recently, the New York Attorney General (AG) had accused the exchange of an alleged cover up which amounts to nearly $850 million. According to news reports, Bitfinex had reportedly lost $850 million of customer money.

This had been sent to, and seized by payment processing firm, Crypto Capital Corp. The allegation went on to say that Bitfinex had used cash reserves from affiliated stablecoin, Tether, to cover the shortfall.

Moving past that, or atleast trying to, the Chief Technical Officer (CTO) of Bitfinex Paolo Ardoino said, “@bitfinex is able to raise 1b USDt in 10 days, in a private sale. Private companies, giants in our industry and outside, made investments for > 100m each. A legion of inside and outside users made investments for > 1m each.”

This is in reference to Bitfinex concluding the sale of the $LEO token, the new exchange token. The sale ended on Saturday, and didn’t go public as investments of private investors already reached the $1 billion goal.

Talking about Bitfinex’s spotless reputation, Ardoino continued, “Why? Because they know we are trustworthy, they recognize what we have been doing (without needing us bragging about it publicly) and they want us keep fighting for the industry whole. Their own words. Thank you everyone for the amazing support we got. We are impressed. $LEO”

Last month, the Chief Executive Officer (CEO) of Bitfinex, Jean Louis van der Velde had written a letter to the platform’s users trying to clear the air. In the open letter van der Velde had said, “The materials, which do not constitute a civil or criminal complaint are, in our view, filled with inaccuracies and false assertions. In particular, we want to assure you that the allegation that we have “lost” $850 million is categorically false. We have been advised that these amounts – whether in whole or in substantial part – are, in fact, seized and safeguarded in several jurisdictions, including Poland, Portugal, the United Kingdom, and the United States. We are actively working to exercise our rights and remedies to cause those funds to be released. We are confident in our ability to make clear, coherent, and convincing arguments to recover those funds. And rest assured that we will vigorously challenge the false assertions made by the New York Attorney General’s office in their filing.”

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The post Bitfinex Raises $1 Billion Worth of USDT for New Token, Leo appeared first on Crypto-News India.

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