US Government’s Actions Lead to Major Developments in Bitcoin Market

The most significant event today was the US government’s request regarding Bitfinex. A critical development occurred involving billions of dollars in Bitcoin $83,351. As detailed, the government filed a court motion to confirm whether there was a second victim outside the exchange in the hacking incident. The pivotal issue here is the return of 106,000 BTC to Bitfinex. Consequently, which altcoin is experiencing a rise due to this situation?

LEO Coin Surge

Following the hacking event, the exchange issued tokens for compensation, sparking discussions in November 2022 about whether FTX might do the same. FTX was unable to follow suit due to its much larger deficit and the malicious intentions of its management. Bitfinex managed to survive after the hack and distributed LEO Coin to its users for compensation.

LEO Coin distribution included a detail stating that if BTC was returned, the tokens could be repurchased. Therefore, due to the potential of the US government returning assets, LEO Coin’s price surged by more than 100%.

The volatility is likely to continue depending on the exchange’s forthcoming announcements in the coming days and hours.