- The court-approved $27.5 million settlement closes the lawsuit, Block.one announced Friday.
- Block.one called the suit "without merit" in a blog post but said the settlement would allow it "to focus more time and energy on running our business."
- Block.one previously settled with the U.S. Securities and Exchange Commission for $24 million over the alleged unregistered securities sale.
- Block.one raised the whopping sum at the peak of the crypto market's last bull run to build the software that powers the EOS blockchain.
- The CAOF argued that Block.one had purposefully misled investors and artificially inflated its eos token price during its yearlong initial coin offering (ICO), which ended in 2018.
- The ICO sold approximately one billion tokens with 90% to ICO participants and the remainder to Block.one team members.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.