Audit log

Every state-changing event for UNUS SED LEO: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-05-14 06:02:20Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"aefc133a-5e13-45a6-967e-ee7f1780b0fc","kind":"publish","page_slug":"leo-token","published_at":"2026-05-14T06:02:20.836Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"UNUS SED LEO","sections":[{"content":"LEO was created in May 2019 by iFinex (parent of Bitfinex and Tether) after Bitfinex sent $850M in customer and corporate funds to Crypto Capital Corp, a payment processor whose funds were subsequently seized by governments including Poland, the U.K., Portugal, and the U.S. The NYAG alleged that iFinex covered the $850M shortfall by dipping into Tether's reserves, commingling stablecoin backing funds with exchange operations. LEO's $1B token sale was widely characterized as a corporate recapitalization tool rather than a typical network bootstrap.","heading":"Origin: Corporate Recapitalization After $850M Loss","severity":"critical","sources":[{"credibility":1,"name":"CoinDesk: Bitfinex Covered $850M Loss Using Tether Funds","type":"news_article","url":"https://www.coindesk.com/markets/2019/04/25/bitfinex-covered-850-million-loss-using-tether-funds-ny-prosecutors-allege"},{"credibility":2,"name":"CCN: Bitfinex LEO Token Sale Despite $850M Scandal","type":"news_article","url":"https://www.ccn.com/bitfinex-reveals-1-billion-token-sale-leo-despite-850-million-tether-scandal/"},{"credibility":1,"name":"NYAG: Court Order Against Crypto Currency Company","type":"regulatory","url":"https://ag.ny.gov/press-release/2019/attorney-general-james-announces-court-order-against-crypto-currency-company"}]},{"content":"In February 2021, Bitfinex and Tether settled with the New York Attorney General for $18.5M, ending a 22-month probe. Under the terms, iFinex admitted no wrongdoing but agreed to provide quarterly reports on Tether's reserve composition for two years. Both entities were barred from trading or servicing New York customers.","heading":"NYAG Settlement","severity":"high","sources":[{"credibility":1,"name":"CoinDesk: NYAG $850M Probe Ends in $18.5M Settlement","type":"news_article","url":"https://www.coindesk.com/markets/2021/02/23/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-185m-settlement"},{"credibility":1,"name":"CNBC: Tether Bitfinex $18.5M Fine","type":"news_article","url":"https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html"},{"credibility":1,"name":"NYAG: Ending Bitfinex Illegal Activities","type":"regulatory","url":"https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal"}]},{"content":"Crypto research firm Cointelligence alleged that the LEO ERC-20 smart contract contained deliberate flaws that could enable massive fraud. These structural concerns add to the broader trust issues surrounding iFinex's financial practices and transparency.","heading":"Smart Contract Fraud Allegations","severity":"high","sources":[{"credibility":2,"name":"CryptoNews: Bitfinex LEO Token Enables Multi-Billion Dollar Fraud","type":"news_article","url":"https://cryptonews.net/news/security/180450/"}]},{"content":"In 2016, Bitfinex suffered a hack losing ~120,000 BTC. U.S. authorities later recovered ~94,643 BTC from the hack. Per LEO's whitepaper, 80% of recovered funds must be used to repurchase and burn LEO tokens. Additionally, iFinex commits at least 27% of consolidated monthly revenue to LEO buybacks and burns. These mechanisms have driven LEO from its initial $1 to over $10, entering the top 10 by market cap (~$9.3B as of April 2026).","heading":"2016 Hack Recovery and Buyback Mechanism","severity":"medium","sources":[{"credibility":2,"name":"CryptoTicker: UNUS SED LEO Deflationary Giant","type":"news_article","url":"https://cryptoticker.io/en/what-is-unus-sed-leo-leo-token-explained/"},{"credibility":2,"name":"Coin Bureau: UNUS SED LEO Review","type":"news_article","url":"https://coinbureau.com/review/unus-sed-leo/"}]}],"sources_used":[{"credibility":1,"name":"CoinDesk: Bitfinex $850M Tether Loss","type":"news_article","url":"https://www.coindesk.com/markets/2019/04/25/bitfinex-covered-850-million-loss-using-tether-funds-ny-prosecutors-allege"},{"credibility":1,"name":"CoinDesk: NYAG Settlement","type":"news_article","url":"https://www.coindesk.com/markets/2021/02/23/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-185m-settlement"},{"credibility":1,"name":"CNBC: Tether Bitfinex Fine","type":"news_article","url":"https://www.cnbc.com/2021/02/23/tether-bitfinex-reach-settlement-with-new-york-attorney-general.html"},{"credibility":1,"name":"NYAG: Bitfinex Court Order","type":"regulatory","url":"https://ag.ny.gov/press-release/2019/attorney-general-james-announces-court-order-against-crypto-currency-company"},{"credibility":1,"name":"NYAG: Ending Bitfinex Illegal Activities","type":"regulatory","url":"https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal"},{"credibility":2,"name":"CryptoNews: LEO Smart Contract Fraud","type":"news_article","url":"https://cryptonews.net/news/security/180450/"}],"summary":"UNUS SED LEO (LEO) is the utility token of the iFinex ecosystem (Bitfinex exchange, Tether). Created in May 2019 as a $1B token sale to recapitalize after an $850M loss when payment processor Crypto Capital Corp had funds seized by multiple governments. The NYAG alleged iFinex covered the $850M shortfall using Tether reserves. Bitfinex and Tether settled with the NYAG in February 2021 for $18.5M, admitting no wrongdoing. The LEO smart contract was alleged by Cointelligence to contain deliberate flaws enabling fraud. iFinex commits 27% of monthly revenue to LEO buybacks/burns. Following the 2016 Bitfinex hack recovery (94,643 BTC), 80% of recovered funds must be used for LEO buybacks per the whitepaper. LEO surged past $10, entering top 10 by market cap (~$9.3B).","timeline":[{"date":"2016-08-02","event":"Bitfinex hacked; ~120,000 BTC stolen","source":"coinbureau.com","source_url":"https://coinbureau.com/review/unus-sed-leo/"},{"date":"2019-04-25","event":"NYAG alleges Bitfinex covered $850M loss using Tether reserves","source":"coindesk.com","source_url":"https://www.coindesk.com/markets/2019/04/25/bitfinex-covered-850-million-loss-using-tether-funds-ny-prosecutors-allege"},{"date":"2019-05-01","event":"iFinex launches $1B LEO token sale to recapitalize after $850M loss","source":"ccn.com","source_url":"https://www.ccn.com/bitfinex-reveals-1-billion-token-sale-leo-despite-850-million-tether-scandal/"},{"date":"2021-02-23","event":"Bitfinex and Tether settle with NYAG for $18.5M; admit no wrongdoing","source":"coindesk.com","source_url":"https://www.coindesk.com/markets/2021/02/23/ny-ags-850m-probe-of-bitfinex-tether-ends-in-an-185m-settlement"},{"date":"2024-01-01","event":"U.S. authorities begin transferring recovered 2016 hack BTC; 80% earmarked for LEO buybacks","source":"cryptoticker.io","source_url":"https://cryptoticker.io/en/what-is-unus-sed-leo-leo-token-explained/"}]},"v":1}

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2. #2rescoreby systemsystem

   2026-10-27 06:04:30Z
   Score: 35 → 36 (+1)
   Rescored under Scoring v2, the published formula (avoid.net/scoring): 35 → 36. Problems weighed by who is responsible: the subject's own conduct −40, concerns that are not fraud −6, incidents the subject suffered −3.2; legitimacy credit long-running +10.
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   ●mainnet-betaslot 461,964,163

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   3jFe4Lne1Tc3…ELw7fjSmcopyexplorer ↗

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   {"actor":"system","decided_at":"2026-10-27T06:04:30.017Z","decision":"rescore","investigation_id":"aefc133a-5e13-45a6-967e-ee7f1780b0fc","new_score":36,"page_slug":"leo-token","prev_score":35,"reason":"Rescored under Scoring v2, the published formula (avoid.net/scoring): 35 → 36. Problems weighed by who is responsible: the subject's own conduct −40, concerns that are not fraud −6, incidents the subject suffered −3.2; legitimacy credit long-running +10.","score_delta":1,"score_model":"v2","sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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3. #3reviewby reviewerreviewer

   2026-11-02 00:18:53Z
   Score: 36 → 36 (no score change)
   The core settlement facts ($18.5M, February 2021, no admission of wrongdoing, NY trading ban) and the 27% and 80% buyback mechanics match the cited sources. Weak points are the undated price and market-cap figures, which later tracker data does not match, the Cointelligence allegation resting on a single secondary article, and an unsupported 2024 timeline entry on the BTC recovery. The list of governments that seized Crypto Capital funds could not be checked. LEO is still operating.
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   ●mainnet-betaslot 464,291,081

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   {"actor":"reviewer","artifact_identity":"998663f2ba15b6539d13cc9af02a7570","decided_at":"2026-11-02T00:18:53.205Z","decision":"review","disputed_pct":0.2,"findings_hash":"3YU9t8wxwRzDNqZ7HyYb6kH8CGfWXdYiJTj1QBGcSYCy","investigation_id":"aefc133a-5e13-45a6-967e-ee7f1780b0fc","judge_def_hash":"8800307026131ea9d5da939d32b9a1f1884b2b84a5de33c8e87931d36f38d0f8","new_score":36,"omissions":{"material":0,"total":1},"page_content_hash":"3026fcaeeba7fa5acf789a2c1280bc85c543f22fe743aa32cc977e24791df29f","page_slug":"leo-token","prev_score":36,"reason":"The core settlement facts ($18.5M, February 2021, no admission of wrongdoing, NY trading ban) and the 27% and 80% buyback mechanics match the cited sources. Weak points are the undated price and market-cap figures, which later tracker data does not match, the Cointelligence allegation resting on a single secondary article, and an unsupported 2024 timeline entry on the BTC recovery. The list of governments that seized Crypto Capital funds could not be checked. LEO is still operating.","reviewer_def_hash":"bc11388ce4bc4deea1b064fea362663ae06e3f4f687f99604769044d6ffba770","score_delta":0,"sequence_num":3,"subject_status":"operating","subject_status_contradicts_page":false,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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4. #4review reviseby judgejudge

   2026-11-02 00:18:53Z
   Score: 36 → 36 (no score change)
   The core facts hold up: the $18.5M February 2021 NYAG settlement, the New York trading bar, and the 27% and 80% buyback terms all match the cited sources (claim_findings[0], [1], [5], [6]). Two of ten claims could not be verified, giving a 20% unverified rate and no disputed claims. These are the 2024 timeline entry about recovered hack BTC transfers, which the cited source does not support (claim_findings[7]), and the list of governments that seized Crypto Capital funds (claim_findings[9]). The price and market-cap figures are undated in the summary and conflict with later tracker data, and the Cointelligence allegation is presented without noting it is an unproven 2019 claim (claim_findings[2], [3], [4]). The reviewer also flagged missing on-chain verification of burn totals and the unresolved BTC recovery status as high-priority gaps. The omission about iFinex controlling supply and burns is minor, and the token is still operating.
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   ●mainnet-betaslot 464,291,087

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   {"actor":"judge","artifact_identity":"998663f2ba15b6539d13cc9af02a7570","band_override":null,"decided_at":"2026-11-02T00:18:53.205Z","decision":"review_revise","delist_requested":false,"disputed_pct":0.2,"investigation_id":"aefc133a-5e13-45a6-967e-ee7f1780b0fc","judge_def_hash":"8800307026131ea9d5da939d32b9a1f1884b2b84a5de33c8e87931d36f38d0f8","new_score":36,"page_slug":"leo-token","prev_score":36,"reason":"The core facts hold up: the $18.5M February 2021 NYAG settlement, the New York trading bar, and the 27% and 80% buyback terms all match the cited sources (claim_findings[0], [1], [5], [6]). Two of ten claims could not be verified, giving a 20% unverified rate and no disputed claims. These are the 2024 timeline entry about recovered hack BTC transfers, which the cited source does not support (claim_findings[7]), and the list of governments that seized Crypto Capital funds (claim_findings[9]). The price and market-cap figures are undated in the summary and conflict with later tracker data, and the Cointelligence allegation is presented without noting it is an unproven 2019 claim (claim_findings[2], [3], [4]). The reviewer also flagged missing on-chain verification of burn totals and the unresolved BTC recovery status as high-priority gaps. The omission about iFinex controlling supply and burns is minor, and the token is still operating.","reviewer_def_hash":"bc11388ce4bc4deea1b064fea362663ae06e3f4f687f99604769044d6ffba770","score_delta":0,"sequence_num":4,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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5. #5rescoreby systemsystem

   2026-11-02 00:18:56Z
   Score: 36 → 61 (+25)
   Recalculated after the fact-check of 2026-11-02. Rescored under Scoring v2, the published formula (avoid.net/scoring): 36 → 61. Problems weighed by who is responsible: the subject's own conduct −15, concerns that are not fraud −6, incidents the subject suffered −3.2; legitimacy credit long-running +10; 1 section(s) set aside until a failed fact-check is resolved.
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   ●mainnet-betaslot 464,291,091

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   {"actor":"system","decided_at":"2026-11-02T00:18:53.205Z","decision":"rescore","investigation_id":"aefc133a-5e13-45a6-967e-ee7f1780b0fc","new_score":61,"page_slug":"leo-token","prev_score":36,"reason":"Recalculated after the fact-check of 2026-11-02. Rescored under Scoring v2, the published formula (avoid.net/scoring): 36 → 61. Problems weighed by who is responsible: the subject's own conduct −15, concerns that are not fraud −6, incidents the subject suffered −3.2; legitimacy credit long-running +10; 1 section(s) set aside until a failed fact-check is resolved.","score_delta":25,"score_model":"v2","sequence_num":5,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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