Bitfinex shareholder gives details about potential $1B token sale

posted 6 months ago
Bitfinex may move to raise as much as $1 billion through a token sale as soon as next week. Zhao Dong, a Bitfinex shareholder described the token as a “hybrid” of BNB, the token issued by Binance that can be used to pay trading fees on that exchange, and BFX, the token Bitfinex issued to customers who lost money in a 2016 hack, which was convertible to equity and was fully redeemed the following year.

It is unclear how exactly the proceeds would be used. It's worth noting that the New York Attorney General said that Bitfinex lost access to funds last week, and had received a $625 million transfer from stablecoin issuer Tether – which shares executives and some ownership with the exchange – to cover up the shortfall.
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