Block.one has resolved a class action lawsuit filed by the Crypto Assets Opportunity Fund (CAOF) regarding the company’s $ 4 billion token sale in 2018.
Brendan Blumer, CEO of Block.one
Block.one notification on Friday that the court-approved $ 27.5 million settlement would close the case.
Block.one blogged the lawsuit as “pointless,” but said the settlement would allow it to focus more time and energy on running the company.
The company had previously paid the US Securities and Exchange Commission a $ 24 million fine for the sale of this token for allegedly selling unregistered securities.
At the height of the ICO bubble in 2017, Block.one raised a whopping $ 4 billion to build the EOS blockchain with the “ambition” to overturn the dominance of Ethereum.
The CAOF argued that during its year-long ICO, which ended in 2018, Block.one deliberately misled investors and artificially inflated the price of EOS tokens.
The ICO sold about a billion tokens, 90% of which went to external private investors, the rest went to members of the Block.one company, who took turns holding money and leaving after successful fraud.
Thach Sanh
According to Coindesk
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