Block.one Pays $27.5M to Settle Class-Action Lawsuit

The court-approved $27.5 million settlement closes the lawsuit, Block.one announced.

By James Rubin

Jun 11, 2021 at 9:14 p.m. UTC

Updated Sep 14, 2021 at 1:10 p.m. UTC

Brendan Blumer Option 2 — Block.one CEO Brendan Blumer speaks at the Voice launch event, June 2019.

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Block.one settled a class-action lawsuit filed by the Crypto Assets Opportunity Fund (CAOF) related to the company’s recording-setting $4 billion token sale in 2018.

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.

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