EOSIO developer Block.one says it is focusing on its crypto trading mandate after recently settling a class action lawsuit.
In blog post Published on Friday, the blockchain software firm announced a settlement agreement with a group of investors led by the Crypto Assets Opportunity Fund related to 2018. eos Initial coin offering.
If approved by the court, Block.one would settle for $27.5 million, a figure similar to fine sent by the company Back to the United States Securities and Exchange Commission in October 2019.
The EOS ICO, which grossed over $4 billion, has been the subject of some controversy with allegations of tokens being sold to US investors. Some participants have also alleged that Block.one defrauded investors with false and misleading statements.
Commenting on the settlement, Block.one said:
“Block.one believes this lawsuit was without merit and full of inaccuracies. However, accepting this settlement allows us to focus more time and energy on running our business and delivering new products. Permission is granted.”
Indeed, the company recently announced plans to launch Bullish Global – a technology subsidiary that aims to bridge the traditional and digital asset spaces. As previously reported by Cointelegraph, Block.one raises $10 billion to set up technology subsidiary With plans to launch a hybrid cryptocurrency exchange platform.
Block.one’s latest venture has found support from major players such as Galaxy Digital’s Mike Novogratz and serial investor Peter Thiel. Hedge fund managers such as Louis Bacon and Alan Howard also participated in raising $300 million for Bullish Global.
The company reportedly sank its bitcoin to the extent of the pivot of Block.one for this new venture (B T c) holdings – approximately 164,000 BTC valued at $9 billion at the time – in the new company. The EOSIO developer received another $100 million in cash injection as well as 20 million EOS tokens.