Bitfinex

Bitfinex, founded in 2012, is one of the oldest cryptocurrency exchanges. In August 2016, it suffered a major hack with ~120,000 BTC stolen, causing a 23% price drop. To compensate users, it issued BFX tokens, later converted to iFinex shares. In 2019, it launched LEO token to cover the funding gap.

In 2023, Bitfinex obtained a digital asset service license in El Salvador, becoming one of the first regulated crypto platforms there. In 2025, its derivatives business also received a license, completing its regulatory footprint in the country.

Recently, Bitcoin whales on Bitfinex accumulated over 270,000 BTC in 30 days, the largest buying spree since 2013. Tether also purchased 951.35 BTC from Bitfinex. Additionally, a New York federal judge approved class action qualification for investors in the market manipulation case against Tether and Bitfinex.

LEO premium may indicate that the disposal of stolen Bitcoin is nearing completion. Bitfinex plans to use 80% of recovered funds to buy back and burn LEO tokens.

These events highlight Bitfinex's evolution from an early exchange to a regulated platform.