LEO Jumps After US DOJ Seizes $3.6B Stolen From Bitfinex Hack

LEO Jumps

Cryptocurrency Unus Sed Leo has surged more than 50% after the US Department of Justice said it had recovered $3.6 billion stolen during the Bitfinex exchange 2016 hack.

LEO jumped 59% to trade at $7.91, increasing its market capitalization to $7.2 billion from under $2 billion at issuance.

Bitfinex confirmed that it would stick to its earlier commitment to buy back all the circulating LEO tokens using 80% of the recovered funds within one and a half months.

The parent company, IFinex, had issued the token to make up for the deficit in its accounts after the security breach, which led to a loss of bitcoins currently valued at $4.5 billion.

Bitfinex also created RRT following the incident to distribute to BFX holders, another token created for the affected accounts. The price of RRT has jumped over 300% after the exchange confirmed that it would compensate RRT holders with up to one dollar per token.

CEO and co-founder of FRNT Financial, Stephane Ouellette, remarked that the development would change the approach to risk assessment in the crypto space.


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