At Least 10 US-based Eigen Labs Employees Benefit From Airdrops: CoinDesk Report
Key Points:
Read more: Eigen Labs Acquires Rio Network to Enhance EigenLayer Ecosystem
While the projects indicated that they had to exclude U.S. residents from airdrops due to legal constraints, these Eigen Labs employees—engineers, directors, executives, and chief lawyers alike—were beneficiaries of hundreds of thousands of dollars in tokens.
Of the most promising projects of Ethereum, EigenLayer uses U.S. developers through a domestic entity. However, the EIGEN token is issued through another legal entity domiciled in an offshore jurisdiction that has less stringent U.S. securities and tax laws.
Eigen Foundation, which oversees the issuance of the token, is setting up operations in the Cayman Islands, a well-known haven for cryptocurrency firms.
While Renzo and Ether.Fi announced that their airdrops would not be available to U.S. residents, a number of Eigen Labs employees—many of whom reside in cities such as Austin, San Francisco, and Seattle—claimed tokens from these projects with no problem. The activity signals a pattern of selective compliance in the industry, insiders say.
CoinDesk previously reported that Eigen Labs was said to have sought airdrop tokens from projects within its ecosystem as a way of thanking them for the successful launches of some protocols on the platform. While Eigen Labs admitted to such allocations, the company clarified that there was no special treatment accorded to its workers.
The event brings into question the legal and ethical standards within the industry, especially at a time when regulators in the United States are putting pressure on the cryptocurrency space.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Miami Heat Jimmy Butler and YouTube influencer Ben Armstrong have agreed to pay $340,000 to…
A suspected hack on McDonald's Instagram account led to a misleading announcement about a meme…
DOGS memecoin has been going viral recently, reaching almost all Telegram users by giving away…
MtGox creditors have taken one more step in its long-lasting repayment procedure.
The Tether Dirham-pegged stablecoin will be built on a secure blockchain platform, backed by UAE-based…
London, United Kingdom, 21st August 2024, Chainwire
This website uses cookies.