LEO Token Hits All-Time High After DOJ Seize $3.6 Bln in Bitcoin

The Bitfinex UNUS SED LEO (LEO) token soared to a new all-time high of $8.14 shortly after the US Department of Justice announced it had seized 94,000 bitcoins stolen in the August 2016 Bitfinex hack. Since then, the price of LEO has declined slightly, according to CoinGecko. At the time of writing, the token is trading at $7.09.

The token was issued in 2016 to refinance the Bitfinex crypto exchange after it lost about $70 mln in bitcoin in the hack. In the original white paper explaining LEO, Bitfinex promised that if they could recover the lost funds, they would use 80% of the proceeds to buy back and burn LEO.

Bitfinex reaffirmed its promise to use the returned funds to buy back and burn LEO tokens in a statement released on Tuesday, noting that the process will be completed within 18 months from the date the amount will be received.

Image: Neironix