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Bitfinex could mobilize up to $ 1 billion through a symbolic sale as early as next week.
Zhao Dong, a Bitfinex shareholder who revealed for the first time that the exchange was planning to make an Initial Exchange Offer (IEO) earlier this week, said on Wednesday WeChat that people interested in participating should contact either DFund , the group he founded.
There will be a minimum buy-in of $ 1 million and a total offer of 1 billion chips, available for $ 1 each, Zhao wrote. He further stated that $ 500 million had already been subscribed.
"Only qualified foreign investors will be allowed to invest," he wrote, and they must commit "soft" to the sale of here Sunday.
Once investors have been able to view the token white paper, they may choose to cancel their contractual commitment or convert to a firm commitment with a 10% deposit.
"The system works on a first-come, first-served basis," added Zhao. "If all [1 billion is] fully allocated, we will not have to run the IEO on the retail channel, it will be like a private placement. "
It is unclear exactly how the product would be used, but it is possible that the exchange is considering using these funds to make up for the $ 850 shortfall last year after seizing funds from its payment processor. national authorities.
Hybrid Token
Zong described the token as a "hybrid" of BNB, the token issued by Binance that can be used to pay trading fees on that purse, and BFX, the Bitfinex token issued to customers who lost money at the time. A hacker in 2016, which was convertible into equity and was fully redeemed the following year.
"Bitfinex will destroy [the] token with unfrozen funds in the future, in addition to referring to the logic of the BNB token, "he wrote.
Neither Zhao nor a Bitfinex spokesperson immediately responded to requests for comment.
The New York Attorney General (NYAG) revealed that Bitfinex had lost access to funds last week and had received a $ 625 million transfer from the Stablecoin Tether issuer – which brings together leaders and executives. a participation in the exchange – to cover the shortfall.
Tether also offered Bitfinex a credit line to access up to $ 900 million. The NYAG has frozen access to the line, although a New York Supreme Court judge ruled late Tuesday that the Attorney General's office had to justify the order.
US $ 50 ticket image via Shutterstock
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