LEO Token

What is LEO Token?

UNUS SED LEO, or LEO, is the utility token of iFinex, the company behind the Bitfinex exchange. It was sold in 2019 after Bitfinex lost access to about $850 million held by a payment processor, and iFinex committed to buy back and burn LEO using part of its revenue. It gives Bitfinex users fee discounts but was never offered to US persons.

What it’s used for

Bitfinex traders hold LEO to reduce certain trading and withdrawal fees. Outside Bitfinex, the token has little everyday use; most demand comes from the company's ongoing buyback commitment.

Role of the LEO token:

Evidence of real use

• The LEO white paper states the tokens will not be offered or sold in the United States or to US persons. Source
• iFinex committed to buy back LEO each month equal to at least 27% of its consolidated revenues. Source
• Bitfinex plans to redeem Recovery Right Tokens with returned 2016 hack bitcoin and put at least 80% of remaining net proceeds toward buying and burning LEO. Source

How LEO Token works

In 2019, iFinex sold LEO tokens to raise money after Crypto Capital, a payment processor it used, failed to return about $850 million. Buyers received a token with fee perks on Bitfinex and a promise: every month, iFinex would repurchase LEO equal to at least 27% of its consolidated revenue from the previous month and burn it. That commitment, rather than any network function, is the main thing supporting the token.

LEO is issued on both Ethereum and EOS. A separate promise involves the 2016 Bitfinex hack: after US authorities recovered much of the stolen bitcoin, Bitfinex said it would use returned funds first to redeem Recovery Right Tokens owed to hack victims, and then devote at least 80% of remaining net proceeds to buying and burning LEO. How much is burned, and when, depends on iFinex's own reporting.

Key moments

1. 2016Bitfinex is hacked and roughly 120,000 BTC is stolen.
2. 2019iFinex sells LEO tokens after losing access to about $850 million held by Crypto Capital.
3. 2021iFinex and Tether settle with the New York Attorney General for $18.5 million; the CFTC fines Bitfinex $1.5 million for illegal transactions with US persons.
4. 2026US authorities move returned hack-linked bitcoin; Bitfinex says net proceeds after redemptions go largely to LEO buybacks and burns.

Supply

iFinex issued 1 billion LEO in 2019 and no more can be created under the token's design. Monthly buybacks worth at least 27% of iFinex's consolidated revenue are burned, and Bitfinex has pledged that most net proceeds from recovered hack bitcoin will also go to burns. The pace of burns depends entirely on iFinex's revenue and disclosures.

Risks to understand

• Not for US persons: LEO was never offered to US persons and Bitfinex does not serve US residents, so you would need a US platform that lists it, which is uncommon.
• Company dependence: the token's main support is a corporate buyback promise from a private company whose finances are not fully public.
• Regulatory history: iFinex settled with the New York Attorney General in 2021 over the handling of the $850 million shortfall, and the CFTC fined Bitfinex the same year.
• Thin trading and concentration: much of the supply has historically sat with insiders, which can make the market less liquid and more easily moved.

Last reviewed October 4, 2026 by The Crypto Guide editorial team. Utility Lens ratings are editorial judgments, not investment advice. Market data from CoinGecko. Spot an error? Request a correction.