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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The defi community rallied behind PoolTogether by raising $1.4 million through a nonfungible token sale last year to support the platform’s legal defense. In a June 7 development, a judge in the United States dismissed a lawsuit
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A United States judge recently dismissed a lawsuit against the decentralized finance (DeFi) platform PoolTogether. According to the ruling, the federal court system is not the correct place to air concerns against the DeFi startup. CASE DISMISSED!!!!https://t.co/HDApQZe3Sx pic.twitter.com/SjcDnMnLIV— Leighton (@lay2000lbs) June 7, 2023 U.S. district court Judge Frederic Block said that
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The lawsuit, filed by former congressional staffer Joe Kent in the U.S. District Court for the Eastern District of New York in October 2021, alleged the DeFi platform violated New York state’s gambling laws by “allowing people to evade financial regulations and scam consumers,” according to the original complaint. Kent,
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No-loss lottery decentralized finance (DeFi) platform PoolTogether has reached 100% of its legal defense funding goal via the sale of NFTs.It has taken the project just ten days to reach its funding goal of 769 Ether (ETH) or $1.4 million, signaling strong support from the DeFi community who are rallying
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So called “no-loss lottery” DeFi platform PoolTogether has raised 470.90 Ether (ETH) via NFT sales to fund its legal defense against a putative class action lawsuit.That means PoolTogether is more than halfway to its goal to raise at least 769 ETH worth roughly $1.5 million to fight what it
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The larger issue, however, touches all of crypto. In essence, the lawsuit is about decentralization and the responsibility software coders hold once crypto applications go live. “It aims to test the question of whether or not creators can make something, release it on a blockchain and really claim not to
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Kent’s suit names PoolTogether, the Brooklyn-based corporation, and its founder, Brooklyn resident Leighton Cusack, as well as a host of the protocol’s investors, including Dragonfly Capital, Compound Labs and Galaxy Digital Capital Management, as defendants. Individual investors in the project, including Stanislav Kulechov, the founder and CEO of DeFi platform
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