Block.one, the crypto company behind the EOSIO blockchain, has agreed to pay $27.5 million in a class-action lawsuit over its $4 billion ICO for EOS. When the judge settles things up, Block.one must pay out money to claimants that invested in the ICO.
“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,” the company said in a statement today.
The settlement, submitted for approval by the court, concludes a class-action lawsuit filed on April 3 2020 by investors Chase Williams and William Zhang. The investors filed the case on behalf of anyone who bought EOS between June 26, 2017 and June 4, 2019. The settlement extends that date to May 18, 2020.
On May 18 2020, Crypto Assets Opportunity Fund (CAOF) and investor Johnny Hong filed a similar lawsuit. The court joined up the lawsuits in August 2020 and appointed CAOF as le
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