In late 2020, PoolTogether was sued by Joseph Kent, a software engineer who, at the time, was working as the tech lead for Senator Elizabeth Warren’s presidential campaign.
The lawsuit was filed taking advantage of a New York law that allows buyers of an illegal lottery ticket to file a class-action lawsuit against the issuer of the ticket. According to Kent, PoolTogether’s MO turned into an unlicensed casino and therefore took advantage of its users. However, the judge disagreed with this view of the DeFi project.
Inspired By Bonds, Not Casinos
PoolTogether is a DeFi project built on Optimism, a popular Layer-2 rollup network. The project was inspired by premium financial products available in the U.K. known as premium bonds, or colloquially as “no-loss lotteries.”
When a user chooses to deposit into PoolTogether’s fund, he earns a small chance to receive a daily prize. While this may indeed sound like plain old gambling with extra steps, users who did not win the prize get
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