EOSIO developer Block.one stated that it is focusing on its encryption business tasks after the recent settlement of the class action lawsuit.
in a Blog post Released on Friday, the blockchain software company announced a settlement agreement with a group of investors led by the Crypto Asset Opportunity Fund, involving 2018 EOS Initial coin offering.
If approved by the court, Block.one will settle for $27.5 million, a figure similar to Fines remitted by the company Submitted to the U.S. Securities and Exchange Commission in October 2019.
The EOS ICO, which raised more than $4 billion, has been the subject of some controversy, alleging that the tokens were sold to American investors. Some participants also accused Block.one of defrauding investors with false and misleading statements.
In commenting on the settlement agreement, Block.one stated:
“Block.one believes that this lawsuit is groundless and full of many inaccuracies. However, accepting this settlement allows us to focus more time and energy on operating our business and delivering new products.”
In fact, the company recently announced plans to launch Bullish Global, a technology subsidiary that aims to bridge the traditional and digital asset space. As Cointelegraph previously reported, Block.one has raised $10 billion to establish a technology subsidiary Plans to launch a hybrid cryptocurrency trading platform.
Block.one’s latest adventure has won the support of major players, such as Mike Novogratz of Galaxy Digital And serial investor Peter Thiel. Hedge fund managers such as Louis Bacon and Alan Howard also participated in raising $300 million for Bullish Global.
This is the extent of Block.one’s support for this new company, which reportedly abandoned its Bitcoin (Bitcoin) Hold-about 164,000 BTC worth 9 billion US dollars at the time-into the new company. EOSIO developers also spit out another $100 million in cash injection and 20 million EOS tokens.