Bitfinex’s $1B IEO token called LEO has been the subject of much controversy in the past few months. One whale has just moved a massive LEO stash to Bitfinex for a possible sell-off.
An unknown wallet has just moved over $1.2M worth of LEO tokens to Bitfinex, in anticipation of a possible sell-off. The alert went off earlier today on Whale Alert (@whale_alert).
The LEO token was one of the most-hyped IEOs and proved to be the most profitable, raising over $1B.1,205,201 #LEO (1,251,830 USD) transferred from unknown wallet to #Bitfinex
— Whale Alert (@whale_alert) October 2, 2019
Tx: https://t.co/BUtRNdOzzm
LEO Remains in the Shadows
However, there is reason to believe the exchange held the IEO only to cover up the ‘loan’ it took from its own Tether (USDT) reserves of around $850M. It was for this same reason that Bitfinex and Tether have been embroiled in a major case put forward by the New York Attorney General, as BeInCrypto has previously reported on. The prosecution accuses the exchange of covering up missing funds by essentially ‘printing’ USDT to pay itself back. Given such controversy, it’s a surprise that LEO has maintained its $1B market capitalization. It has declined significantly since its peak in June. It was then that the token was trading at almost $2 but has since slid downwards to its current price point of $1.04 at the time of writing. The Bitfinex token is currently the 11th largest cryptocurrency by market capitalization.
Tokens on the Move
The $1.2M move of LEO tokens comes just days after yet another whale moved $5.5M to Bitfinex. It’s currently impossible to tell whether these are coordinated moves as the sending wallets are unidentified. However, there seems to be some major rumblings in the background which may indicate that a major sell-off may be upon us. Currently, trading volume for LEO is anemic, having only a $9M trading volume despite its extremely high market capitalization. Do you think that these major movements are indicators of a possible sell-off for LEO? Let us know your thoughts in the comments down below.Images are courtesy of Shutterstock, Twitter.
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