UNUS SED LEO

Summary

UNUS SED LEO (LEO) is the utility token of the iFinex ecosystem (Bitfinex exchange, Tether). Created in May 2019 as a $1B token sale to recapitalize after an $850M loss when payment processor Crypto Capital Corp had funds seized by multiple governments. The NYAG alleged iFinex covered the $850M shortfall using Tether reserves. Bitfinex and Tether settled with the NYAG in February 2021 for $18.5M, admitting no wrongdoing. The LEO smart contract was alleged by Cointelligence to contain deliberate flaws enabling fraud. iFinex commits 27% of monthly revenue to LEO buybacks/burns. Following the 2016 Bitfinex hack recovery (94,643 BTC), 80% of recovered funds must be used for LEO buybacks per the whitepaper. LEO surged past $10, entering top 10 by market cap (~$9.3B).