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Bitfinex will launch $1 billion LEO token sale to recoup frozen funds

The company behind Bitfinex has announced that it will be launching an IEO. $1 billion worth of a new native Bitfinex token, LEO, will be sold by iFinex in order to recoup funds that were recently frozen.

The token sale will initially just be for private investors, and around $650 million has apparently already been raised via verbal commitments, as reported by The Block. If there are LEO tokens remaining on May 10, an IEO will be launched. Bitfinex is attempting to raise $1 billion in order to cover costs of around $850 million that it suffered after its funds were frozen, in the wake of some suspicious activity regarding Bitfinex's reserves.