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Block.one Pays $27.5M to Settle Class-Action Lawsuit
The court-approved $27.5 million settlement closes the lawsuit, Block.one announced.
Block.one settled a class-action lawsuit filed by the Crypto Assets Opportunity Fund (CAOF) related to the company’s recording-setting $4 billion token sale in 2018.
STORY CONTINUES BELOW
- The court-approved $27.5 million settlement closes the lawsuit, Block.one announced Friday.
- Block.one called the suit "without merit" in a blog post but said the settlement would allow it "to focus more time and energy on running our business."
- Block.one previously settled with the U.S. Securities and Exchange Commission for $24 million over the alleged unregistered securities sale.
- Block.one raised the whopping sum at the peak of the crypto market's last bull run to build the software that powers the EOS blockchain.
- The CAOF argued that Block.one had purposefully misled investors and artificially inflated its eos token price during its yearlong initial coin offering (ICO), which ended in 2018.
- The ICO sold approximately one billion tokens with 90% to ICO participants and the remainder to Block.one team members.
Read more: Block.one Failed to Decentralize EOS, Argues New Securities Fraud Lawsuit
James Rubin
James Rubin was CoinDesk's Co-Managing Editor, Markets team based on the West Coast. He has written and edited for the Milken Institute, TheStreet.com and the Economist Intelligence Unit, among other organizations. He is also the co-author of the Urban Cyclist's Survival Guide. He owns a small amount of bitcoin.
