Block.one Settles its Class Action Lawsuit for $27.5 Million

Block.one has made a $27.5 million settlement to resolve the class-action lawsuit launched by the Crypto Assets Opportunity Fund.

The lawsuit was related to the company’s token sale that took place between June 2017 and June 2018, in which it raised the biggest ever initial coin offering (ICO) funding of $4 billion and various subsequent matters. The company in a statement said,

“Block.one believes this lawsuit was without merit and filled with numerous inaccuracies. However, accepting this settlement allows us to focus more time and energy on running our business and delivering new products.”

Block.one is the creator of EOSIO and has been behind the cryptocurrency EOS, which has fallen to 26th place in the cryptocurrency market with a market cap of $4.5 billion.

From its all-time high of $2.71 on April 29, 2018, EOS is currently down more than 79%, trading at $4.71, as per CoinGecko.