Bitfinex: Exchange on the verge on concluding LEO audits; movement on chain delayed till Wednesday
Bitfinex, the controversy-riddled cryptocurrency exchange is on the verge of beginning its historic IEO token sale. The LEO tokens are pegged to begin trading on May 20, however, the chain movement will only start on May 22.
As confirmed by the exchange’s CTO Paolo Ardoino, Bitfinex is on the verge of finishing up its audit activities for the UNUS SED LEO smart contracts, in addition to other “related procedures. The CTO added that trading on Finex would commence as scheduled, but moving on chain “won’t likely” happen for two more days.
His May 19 tweet read:
“. @bitfinex is in the process of finalising the audit of Unus Sed $LEO smart contracts and related procedures on the different supported chains. Trading will be enabled tomorrow on Finex but moving on chain won’t likely happen until Wed ”
Ardoino further confirmed that the token issuance would be on a Liquid Chain, and that one of the chains under consideration was Blockstream Liquid. He contended that this inclusion was “really exciting”. The CTO further added that one of the chains would be Ethereum.
On May 17, the exchange stated via an official blog, that trading would commence on Monday, May 20th at 0800 UTC against Bitcoin [BTC], Ethereum [ETH], Tether [USDT] and EOS [EOS], in addition to the fiat pair of the US dollar [USD].
The confirmation of trading comes days after the exchange released their official whitepaper for the LEO issuance, which was pegged to raise $1 billion. Only days after the token sale began exclusively for private investors, for USD, Tether of USDT, worth of Bitcoin, Bitfinex confirmed their $1 billion mark had been reached, a feat which has been questioned on ethical terms due to its short-span of completion.
LEO and the need to go down the path of an IEO came after Bitfinex was accused of fraudulent behavior by the New York Attorney General’s Office [NYAG]. The exchange allegedly covered up $850 million in undisclosed losses with their USDT reserves, and the ownership proximity between Bitfinex, its parent company iFinex which also operated Tether Limited, has also been called into question.
Bitfinex responded, first by stating that they would go down the IEO path in order to retrieve the lost money and pay-back stakeholders, and then by responding to the NYAG, questioning the latter’s authority, jurisdiction, legal standards and ethics.
Recently, it was revealed that the exchange’s top executives still might hold important positions with Canadian Banks. Peter Warrack, the Chief Compliance Officer at Bitfinex allegedly still holds a senior position with an opponent of the crypto-industry the Royal Bank of Canada [RBC]. Interestingly, the current Chief Compliance Officer at Tether Limited Leonardo Real was an AML Quality Control Manager at Bank of Montreal, another anti-crypto financial institution.
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