Block.one Settles EOS ICO Class-Action Lawsuit for $27.5 Million

Block.one, the issuer of the EOS token, announced last week that the company has agreed to settle a class-action lawsuit brought against its initial coin offering (ICO) by paying $27.5 million.

The lawsuit was brought against the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term company by the Crypto Assets Opportunity Fund.

“Block.one believes this lawsuit was without merit and filled with numerous inaccuracies. However, accepting this settlement allows us to focus more time and energy on running our business and delivering new products,” Block.one said in its official statement.

Both the parties are now awaiting court approval to initiate the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for the settlement.

The Largest ICO

Block.one raised around $4 billion in its year-long ICO that spanned between June 2017 and June 2018. In addition, it has become one of the largest ICOs for the development of a blockchain project.

However, the project’s token sale attracted many controversies as it faced multiple class-action lawsuits with allegations of selling unregistered securities and also for artificially inflating the token price.

The US court last year combined all such class-action lawsuits against Block.one, making Crypto Assets Opportunity Fund the lead plaintiff.

Moreover, the blockchain company faced the wrath of the US regulators as it faced an investigation by the US securities market regulator for its token being a potential unregistered security. However, those charges were settled last year against a fine of $24 million.

The latest settlement between Block.one and the lead plaintiff was driven to ‘avoid the distraction, costs and risks of further litigation. Nonetheless, the two parties are still reportedly in disagreement over the extent of liability and damages for the recoverable amount.