- Recovered cash will be used to purchase back and burn LEO tokens.
- LEO’s price hit an all-time high of $8.144 on February 8.
On February 9, UNUS SED LEO (LEO) soared over 70% to new highs, as traders anticipated a supply shortage in the market.
Approximately 94,000 Bitcoins (BTC) were seized, valued at $3.6 billion based on current bitcoin-to-dollar exchange rates, according to the US Department of Justice (DOJ) announcement on February 8. In all, Bitfinex had lost 119,754 BTC in the attack, equating to about $4.5 billion in bitcoin at the time of the DOJ’s seizure of the funds. As stated in Bitfinex’s initial LEO whitepaper, if the missing assets could be recovered, 80 percent of the revenues would be used to purchase back and burn LEO.
Recovered cash will be used to purchase back and burn LEO tokens, Bitfinex said in a statement Tuesday, emphasizing that the process will be finished within 18 months after receiving the funds.
LEO Bulls Trigger Massive Rally
Officials from the DOJ have notified the media that they want to set up a judicial mechanism to recover stolen Bitcoin for victims. Thus, LEO bulls continued to raise their bids for the token on February 8, hoping that a supply constraint would increase its long-term value. LEO’s price hit an all-time high of $8.144 on February 8 before plunging to a low of $7.04 early on February 9 due to the correction.
Adam Cochran, a partner at Cinneamhain Ventures, saw a concern with the continuing LEO price increase, noting that not all the recovered coins would travel via Bitfinex unless those holdings belonged to the exchange itself.
According to CoinMarketCap, the UNUS SED LEO price today is $6.94 USD with a 24-hour trading volume of $57,145,983 USD. UNUS SED LEO has been up 39.59% in the last 24 hours.
