Bitfinex is forging forward despite its ongoing row with the authorities, and it's looking for investors to support its efforts.Today, May 8, 2019, iFinex, the operator and parent company of the popular cryptocurrency exchange, released a private token sale white paper, putting to rest rumors of its Initial Exchange Offering (IEO). Bitfinex is launching the token sale in a bid to compensate clients whose funds disappeared as part of the $850 million loss the exchange incurred at the hand of its payment processor Crypto Capital. Funds raised will also go toward refunding users affected by an August 2016 hack of 119,756 bitcoin.In addition, “[p]roceeds may be used for working capital and general business purposes, including capital expenditures, operating expenses,” as well as “repayment of indebtedness and other recapitalization activities.”According to the white paper, iFinex will issue up to 1 billion LEO tokens, with each token pegged to controversial stablecoin tether (USDT), a currency which shares personnel and ownership structures with iFinex.The exchange will kick off with a private token sale, while a public sale might come after, if it fails to sell off the total amount of available tokens. These tokens will give holders discounts and rebates on trading, deposit and withdrawal fees and other benefits based on the portion of LEO owned; for example, Bitfinex will permit anyone holding greater than 50 million LEO ...
