- 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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.