Thread by @lawmaster

Bitfinex released their IEO white paper to raise $1 billion and The Block has all the details. Summary below

theblockcrypto.com/2019/05/04/bit…

- Tokens will be called LEO and it will be a mix between a utility token and a redemption token
- Bitfinex wants to raise $1 billion and allegedly already has verbal commitments from private investors of $600 million

- White paper states that Bitfinex is “actively collaborating with the legal investigation and applying to unfreeze these funds through legal procedures.”
- LEO tokens will be bought back on a monthly basis, with at least 27% of Bifinex’s profit from last month

- Bitfinex also reserves the right to buy back the tokens within 18 months after its funds get unfrozen
- white paper states that at least 95% of the unfrozen funds will be used to redeem and burn LEO tokens

- If the seized money cannot be retrieved back, Bitfinex should be able to buy back all the tokens within 4 years (assuming profits stay similar)
- If they retrieve the hacked bitcoin from 2016, at least 80% of it will be used to buy back and burn the tokens

- Similarly to BNB and other exchange tokens, LEO will also offer discounts on trading fees
- LEO holders will have access to a 15% discount of taker fees for crypto-to-crypto trading, discounted lending rate, and discounted withdrawal fees

Lastly, the white paper claims that Bitfinex made $404 million of profit in 2018 and paid out a dividend of around $261 million.

This was a lot of work because the white paper excerpt is in Chinese so I want to give huge props to our new journalist @celiawan2 who burned the midnight oil on the first week of her job. Go give her a follow!