Investors Sue Block.one Over Unregistered $4B ICO

Law360 (May 18, 2020, 10:10 PM EDT) -- Investors hit cryptocurrency issuer Block.one with a proposed securities class action in New York federal court on Monday over its 2017 unregistered offering of EOS tokens and misstatements about its ability to more fully decentralize EOS blockchain technology.

Crypto Assets Opportunity Fund LLC and individual investor Johnny Hong accuse the company and several of its top brass — including co-founders Brendan Blumer, Daniel Larimer and Brock Pierce — of fraudulently raising $4 billion dollars in an illegal initial coin offering and of lying to investors to drive demand for EOS, thereby artificially inflating the token's value.

"While Block.one did not provide a...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!