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What is Unus Sed Leo (LEO) coin and how does it work?

by Financial Economy

UNUS SED LEO is a new token designed to expand the capabilities of Bitfinex platform users and services, Bitfinex’s parent company, iFinex. The LEO was created as a result of bitfinex’s dealing with the crisis, which was accused of illegally using Tether cryptocurrency funds claimed by the New York prosecutor’s office. Information about Unus Sed Leo LEO coin and how does it work is in the continuation of the article. For information about Hedera Hashgraph (HBAR) coin, you can check here.

What is Unus Sed Leo LEO coin and how does it work?

UNUS SED LEO (LEO) is a utility token like many cryptocurrencies. So the token has various functions related to the platform or the project. Like security tokens, it does not grant token holders rights over the company’s financial resources. After the Bitfinex exchange issued the Unus Sed Leo (LEO) token, LEO managed to grow 80% in just one month. However, the history of the project and the reputation of the developers managed to catch the attention of many investors very well.

Everyone who follows the market more or less knows that 2018 is very difficult for Bitfinex. The New York Attorney General’s office accused iFinex of hiding $850 million in losses. According to the prosecution, the amount was transferred to Crypto Capital Corp, the Panama bureau that processes digital payments. Most of the money was withdrawn from Bitfinex client funds. The prosecution argues that Tether Limited’s reserves cover the shortfall, a company owned by iFinex.

Although Unus Sed Leo (LEO) has frequent scandals and a tarnished reputation, the exchange remains one of the biggest players in the market.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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