Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

Crypto

<ul>
<li>We use a simple framework to analyse 3 exchange tokens’ value and we find FTT and LEO tokens are decent bear market plays.</li>
<li>For crypto exchanges, buying the token is the only way for non-VC investors to gain exposure to the growth. Private valuations could differ greatly from the publicly traded valuations. </li>
<li>While exchange tokens are the easiest to understand and most equity-like in the traditional finance sense, we can also further apply the framework to tokens on other protocols.</li>
</ul>


We use a simple framework to analyse 3 exchange tokens’ value and we find FTT and LEO tokens are decent bear market plays.
For crypto exchanges, buying the token is the only way for non-VC investors to gain exposure to the growth. Private valuations could differ greatly from the publicly traded valuations. 
While exchange tokens are the easiest to understand and most equity-like in the traditional finance sense, we can also further apply the framework to tokens on other protocols.


Bear Market Plays - Crypto Exchange Tokens

Crypto Fundamental Investor/Analyst

Josh Du

NASDEX Ltd

We believe that the tokenization of all asset classes, including stocks, is inevitable as the world further increases adoption of crypto and blockchain technology.

NASDEX is designed to serve as a bridge between the crypto world and the equity world. We believe that the onchain adoption of the equity asset class will deliver increased accessibility with improved capabilities for both crypto and equity investors

<ul>
<li>DOJ seized around USD3.6bn worth of Bitcoins from wallets belonging to Heather Morgan and Ilya Lichtenstein, who alleged were the masterminds behind the Bitfinex hack in 2016</li>
<li>This marks the largest financial seizure in DOJ's history and used sophisticated on-chain investigative methods to track the stolen crypto back to the individuals </li>
<li>We also look at the potential trade for <a href="https://www.smartkarma.com/entities/leo-token" target="_blank" data-smartkarma-citation="entities:35576:1" rel="noopener">LEO Token (LEO CURNCY)</a> , a Bitfinex issued token, that benefits from any recovery of funds from the 2016 hack</li>
</ul>


DOJ seized around USD3.6bn worth of Bitcoins from wallets belonging to Heather Morgan and Ilya Lichtenstein, who alleged were the masterminds behind the Bitfinex hack in 2016
This marks the largest financial seizure in DOJ's history and used sophisticated on-chain investigative methods to track the stolen crypto back to the individuals 
We also look at the potential trade for LEO Token (LEO CURNCY) , a Bitfinex issued token, that benefits from any recovery of funds from the 2016 hack


Crypto Weekly - The USD3.6bn Bitcoin DOJ Seizure and LEO: The Potential Special-Sit Trade

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

LEO Token (LEO CURNCY)

Bear Market Plays - Crypto Exchange Tokens

We use a simple framework to analyse 3 exchange tokens’ value and we find FTT and LEO tokens are decent bear market plays. We can also further...

Rose Choy

Crypto Weekly - The USD3.6bn Bitcoin DOJ Seizure and LEO: The Potential Special-Sit Trade

BTC stolen from Bitfinex in 2016 was finally recovered in this USD3.6bn seizure by the DOJ which could have positive implications on the LEO Token...

Josh Du

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)