The UNUS SED LEO (LEO) token, native to the Bitfinex exchange, fell below the $1 dollar price, breaking under the nominal peg of the initial token sale. LEO has seen relatively low demand, and so far managed to peak at $1.99, later deflating slowly toward $1.
LEO Falls Under IEO Price for the First Time Since Token Sale
LEO is a curiosity in the crypto space, spawned after an initial exchange offering (IEO) by Bitfinex that ran until June 10. According to the claims of Bitfinex, the exchange raised $1 billion from private placements. Conveniently placed, the IEO in effect offset the $900 million debt to Tether, Inc.
Price of LEO dropped below the private sale price of $1 for the first time today. pic.twitter.com/aoRic8DUeI
— Larry Cermak (@lawmaster) October 6, 2019
Bitfinex, on its side, resorted to taking out a loan from Tether, when it lost $850 million due to an ongoing investigation against CryptoCapital.
Hence the role of LEO was to add new liquidity to the exchange, while offsetting the still locked funds. But now, with…