A US government wallet transferred roughly 264.863 Bitcoin, worth about $22.87 million, to Coinbase on Tuesday. The coins come from the holdings stolen from the crypto exchange Bitfinex in 20
A US government wallet transferred roughly 264.863 Bitcoin, worth about $22.87 million, to Coinbase on Tuesday. The coins come from the holdings stolen from the crypto exchange Bitfinex in 2016 and secured by US authorities in 2022. For holders of the LEO Token this is no footnote: Bitfinex has committed in writing to spend at least 80 percent of the remaining net proceeds from this very reflow on buying back and destroying its own token.
The price has barely reacted. LEO trades at $8.90 and has moved 0.4 percent over seven days. The calm has a cause that has nothing to do with the Bitcoin reflow, and it is the real thing to examine for anyone looking to hold or buy the token in Germany.
According to CoinGecko, as of Thursday evening, one LEO costs $8.90. Over 24 hours that is a gain of 0.23 percent, over seven days a gain of 0.41 percent. The daily range ran from $8.88 to $8.98.
Across the week the high was $8.99 last Sunday, the low $8.86 on Thursday of the previous week. The entire swing of a full trading week therefore comes to 13 cents, or just under 1.5 percent. In the same week Solana lost 9.5 percent and Cardano 8.3 percent, while the broader market gave way after a wave of forced liquidations that we broke down in this week's market pullback.
The decoupling at LEO is neither coincidence nor a sign of strength. It follows from the way the token is traded, and we return to that further down with a count of our own.
Tuesday's transfer is the largest in a series so far, according to CryptoBriefing. Back in April, roughly 8.2 Bitcoin had gone to a deposit address at Coinbase Prime. At 264.863 Bitcoin, the current transfer is many times larger.
The legal framework has been in place since 2025. A US federal court ruled that the confiscated Bitcoin goes back to Bitfinex in kind, meaning as Bitcoin and not as a dollar amount. One point matters for understanding the case: the same court found in January 2025 that Bitfinex and its users do not qualify as victims in the legal sense under the Mandatory Victims Restitution Act. The return therefore runs through voluntary restitution agreements that became part of the deals struck with the defendants.
For scale: around 119,754 Bitcoin disappeared in the 2016 breach. Authorities managed to secure about 94,636 of them in 2022. Tuesday's 264.863 Bitcoin are a fraction of what is meant to flow back in total. No timetable for the remaining tranches has been published.
The 80 percent pledge sounds like a clear calculation, but it carries a condition that can change the amount considerably. What gets burned is not 80 percent of the returned Bitcoin, but 80 percent of the remaining net proceeds. Deducted first are the Recovery Right Tokens, or RRT.
RRT are vouchers Bitfinex issued in 2016 to users who lost balances in the breach. They were handed out as compensation at the time and carry a claim to repayment should the stolen coins ever resurface. That case is now arriving. Only once the RRT have been redeemed and the costs of the proceedings covered does the calculation for the LEO buyback begin.
Bitfinex has not put a figure on the size of that deduction. For holders, the 80 percent number therefore says nothing yet about the sum that ends up back in the market. It says only which share of a so far unknown remainder has been pledged.
A buyback ends in destruction: whatever Bitfinex collects on the market leaves circulation permanently.
Alongside the one-off pledge from the hack reflow, a second mechanism runs at LEO, and it has been working continuously since May 2019. Token burn describes the permanent removal of tokens from circulation by sending them to an address without an access key. Nobody can move them afterwards.
Parent company iFinex has pledged to use at least 27 percent of its consolidated gross monthly revenues to buy LEO on the open market and destroy it afterwards. The purchases may also take place off-exchange, expressly including a direct swap of Bitcoin for LEO. A third pledge covers recoveries from the Crypto Capital case, where the share is 95 percent of the net amount.
How far the running burn has come can be read off the circulating supply. At the May 2019 sale iFinex issued one billion LEO. On October 8, 2026 we pulled a circulating supply of 919,857,851.9 LEO from CoinGecko. The difference from the issued amount therefore comes to roughly 80.1 million tokens, or about 8 percent in a little over seven years. cryptoticker.io compiled this analysis itself on October 8, 2026.
The second figure from the same survey is the more important one. LEO ranks 18th among all cryptocurrencies with a market capitalisation of $8.19 billion. Trading turnover over the past 24 hours came to $188,533. The ratio works out at roughly 1 to 43,000: every dollar of daily turnover carries $43,000 of market value.
For comparison, from the same query: with a market capitalisation of a good $1.6 trillion, Bitcoin moves many times that in a single day. At LEO, the entire daily turnover equals the value of some 21,000 tokens. A larger position cannot be unwound on a normal trading day, because no counterparty is there for it.
Here lies the explanation for last week's quiet price line. A price that is barely traded barely moves. The stability is a side effect of thin markets, not a statement about the token's valuation.
Trading in LEO runs almost entirely through a single access point, and that limits how quickly positions can change hands.
LEO is Bitfinex's house token, and trading takes place essentially there. For investors in Germany, the question of access therefore matters more than the question of price. Since the MiCA transition period ended on July 1, 2026, crypto service providers without authorisation under the EU regulation may no longer serve customers in the EU. We have set out the obligations that follow from it in our overview of the MiCA licence for crypto companies.
Before you place a buy order, check three points directly with the provider. First, whether it can show MiCA authorisation for customers resident in Germany. Second, whether the trading pair you want is enabled for your account at all. Third, which withdrawal routes stay open should trading in a token be discontinued. Which platform suits which trading style, and who is authorised in the EU, is shown by the comparison of the best crypto exchanges.
Early October showed in Germany that a missing authorisation is no theoretical risk: after 15 months of review, BaFin refused the operator of bitcoin.de authorisation under MiCAR. For LEO the venue question weighs more heavily than for broadly listed coins, because there is barely anywhere else to go.
LEO runs as a token on Ethereum and on Bitfinex's own network. Both variants can be withdrawn and self-custodied. If the token sits in an exchange account, you also carry the custodian's risk, and that very risk materialised at the same exchange in 2016. Which devices come into question for self-custody differs above all in key management.
For tax purposes, the one-year holding period under Section 23 of the German Income Tax Act continues to apply to crypto assets held privately. If you sell LEO at a profit within a year of buying, that profit is taxable above the €1,000 annual exemption threshold. After a year has passed, the gain stays tax-free. A draft bill from the German Federal Ministry of Finance provides for flat-rate taxation without a holding period for crypto assets acquired from 2027, while the one-year period is meant to remain for existing holdings. None of it has been adopted, and a cabinet decision alone would not yet be a law.
In practice, that means: document the purchase date and purchase price of every entry. Under the draft, a purchase price you cannot prove later brings an estimate that works out considerably more expensive than the actual bill. Tools that track additional purchases and holding periods automatically take that work off your hands.
The edges of the trading week serve as reference points. On the downside the weekly low sits at $8.86, below that the round $8.50 level. On the upside the weekly high of $8.99 caps the range, behind it the $9 threshold that LEO did not clear this week.
The all-time high dates from May 4, 2026 and stands at $10.61. Roughly 16 percent separates the token from it at the current price. These figures are observations from the week just ended and not a forecast; with daily turnover of $188,533, individual larger orders can leave the range anyway without anything having changed in the situation.
The commitment names a period of 18 months, counted from the point at which Bitfinex receives the recovered funds. This point is the open question. Tuesday's tranche went to Coinbase, not to a published Bitfinex address, and the company has not explained whether receipt in the sense of the pledge has thereby occurred.
The order of events in practice also remains open. Under the pledge, larger reflows are deployed spread across the full 18 months, smaller ones faster. The staggering is meant to dampen price jumps. For holders it means that a reflow, even in the favourable case, arrives in the market spread over many months rather than as a single buying impulse.
What is missing so far is a number. Bitfinex publishes buybacks and burns through a reporting page of its own; for the reflow from the hack, no figure has been given yet. As long as the size of the RRT redemption is unknown, the pledged burn total cannot be calculated from public information.
Three concrete steps follow from this for the coming weeks.
The return of the Bitcoin stolen in 2016 is the largest single impulse imaginable for LEO, and it has begun. It becomes solid only when Bitfinex names the size of the RRT redemption and the start of the 18-month period. Until then, a pledge covering 80 percent faces a market that turns over less in a whole day than some single trade on the stock market.
(As of October 8, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)
