The whitepaper for the project, published on May 10, describes LEO as “a utility token at the heart of the iFinex ecosystem.” iFinex is the parent company of Bitfinex. iFinex purports that it provides a stronger and more independent infrastructure, having migrated from Amazon Web Services to a self-designed data center.
As recently reported by Cointelegraph, the New York Supreme Court recently allowed Bitfinex and associated stablecoin project Tether to continue business during proceedings brought against it by the New York Attorney General (NYAG).
The NYAG originally claimed that Bitfinex lost $850 million and subsequently used funds from Tether to secretly cover the loss. Bitfinex responded to the allegations, saying the NYAG claims were inaccurate. The exchange said it would fight the case in court:
“And rest assured that we will vigorously challenge the false assertions made by the New York Attorney General’s office in their filing… In particular, we want to assure you that the allegation that we have ‘lost’ $850 million is categorically false.”