Max E.Wed, Feb 9, 2022 6:12 PM
LEO Coin Hits All-Time High Following Seizure of $3.6B
Bitfinex’s LEO token soared to a new all-time high amid news that the US Department of Justice announced a seizure of about $3.6 billion in BTC that was stolen in the 2016 Bitfinex hack.
Earlier, on February 8, 34-year-old Russian-American citizen Ilya Lichtenstein and his wife, 31-year-old American Heather Morgan, were arrested in the United States. They are accused of conspiring to launder the cryptocurrency stolen during the Bitfinex hack.
It is noteworthy that the UNUS SED LEO (LEO) token was born in 2019 as a result of the Bitfinex hack.
An investigation launched by the New York prosecutor's office increased the likelihood of a collapse of the exchange's business model, which in turn could cause a market crash and a drop in the liquidity of companies' funds.
This scenario did not suit crypto players. Solving the problem, Bitfinex issued LEO tokens and conducted an initial exchange offering (IEO). The IEO led to a sharp rise in BTC prices on Bitfinex.
Against the background of this news, at the moment, LEO was up 61%. The LEO/USD pair rose to an intraday high of $8.04 during yesterday's session after trading as low as $4.82 earlier in the week. This move followed a breakout of the $5.40 resistance level that was formed last Friday and held until yesterday.
Since then, the price of LEO has declined a bit: at the time of writing, it stands at $7.16. However, it is still a massive increase – over the past 24 hours, it has increased by 44.99%.
The current increase in the price of LEO, thanks to which the token has risen to 26th place in terms of market capitalization, is explained by the confiscation of stolen funds.