Investors Sue Over Unregistered $4B ICO

Law360 (May 18, 2020, 10:10 PM EDT) -- Investors hit cryptocurrency issuer 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 did not provide a...

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