After a very unpleasant situation with the $850 million lost by Bitfinex and Tether, there were rumors that their parent company iFinex plans tocancel $1 billion. However, it seems these rumors are now confirmed, and even acquire some details.

May 4 is known shareholder of the company Bitfinex and OTC trader Zhao Dong tweeted 3-page “marketing document, not a whitepaper”, which describes in detail the features of the future sales, noting that this document has no legal force.

It says that it is “non-paper”, which is not technical specifications and information on how the blockchain will be sold to a new cryptocurrency, but also about other characteristics of future coins.

According to the document, the tokens will be issued new company Unus Sed Leo Limited, owned by iFinex. In total, the company will release 1 billion tokens with a value of 1 each USDT (stablon supported by Tether).

Bitfinex team said:

“Tokens will be sold by private subscription, without any public offerings or advertising. Any issued tokens can be sold in the manner and terms defined by the Issuer”.

The cryptocurrency, which will trade under the Ticker symbol LEO and will allow users to get discounts on trading commissions when exchanging cryptocurrencies on exchanges Bitfinex, EthFinex and EOSFinex.

However, the Bitfinex team, Recalling how she released tokens after hacking in August 2016, explains that the new tokens will also be created as a temporary measure, and that the company intends to buy to return funds to customers.

After hacking in 2016 Bitfinex issued tokens BFX cost of about $72 million by April 2017, were redeemed by the proceeds of the exchange.

This time iFinex and its affiliates plan to buy tokens every month, spending “at least 27% of the consolidated gross revenues iFinex for the previous month.” The document also States that “the purchase will be made at the prevailing at the time the market rate; LEO tokens used for payment of commissions may be burned”.

In response to the charges the attorney General of new York, heads iFinex stated that it lost $850 million are actually retained by the regulators, because he was “withdrawn and reserved” from a third-party provider of banking and payment services Crypto Capital, and that the obvious legal problems prompted Bitfinex borrow from Tether.

It is noteworthy that marketing document does not preclude the creation of a private blockchain for these companies (for example, as did the crypto currency exchange Binance), which also implies new opportunities of earning income from the release of a new cryptocurrency.

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