[NEWS] Lawsuit filed against Block.one over allegations about its EOS ICO

It appears the investors capitulated, lost some of their investment and begun this lawsuit to take their money back hehehehe.

The skeptical me is thinking that if EOS has become bigger than Ethereum in market capitalization, the plaintiffs would be celebrating their profitable invesment instead of this lawsuit hehehe.

Dan Larimer, CTO of Block.one

Crypto Assets Opportunity Fund LLC and Johnny Hong filed a class action complaint against the company Monday in the U.S. District Court for the Southern District of New York. Along with Block.One, its CEO Brendan Blumer, CTO Daniel Larimer, cryptographer and previous Block.one partner Ian Grigg and previous adviser Brock Pierce are all listed as defendants.

The plaintiffs allege that Block.one provided investors with false and misleading information about EOS in an effort to raise billions in an allegedly unregistered securities sale. According to the complaint, Crypto Assets Opportunity Fund LLC and Hong claim to have purchased tokens on a secondary market after the sale, which, as reported at the time, brought in an estimated $4 billion.

Plaintiffs contended that Block.one drove the price of EOS by "aggressively" marketing it to U.S. investors and insisting that the EOS blockchain would outperform existing blockchains. The complaint alleges that defendants even told prospective investors that EOS stood for "Ethereum on steroids."

However, the complaint alleges that by not outperforming other blockchains, not disclosing significant internal disagreements and failing to decentralize sufficiently, Block.one misled investors.

Read in full https://www.theblockcrypto.com/post/65615/class-action-lawsuit-filed-against-block-one-over-allegations-about-its-eos-initial-coin-offering

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