In May 2020, a group of investors, EOS token He sued Block.one, the company that originally designed the EOS network, claiming that the initial coin offering was a sale of securities.
In this lawsuit, Block.one had agreed to a $27.5 million settlement with investors.
A new development in the case was made, and a judge in the Southern District of New York court rejected the approval of the $27.5 million settlement proposed by Block.one.
The court ruled that the creditor fund did not represent the interests of all investors.
After this refusal EOS The price of the token has increased by 19% in the last 24 hours.
According to data from CoinGecko, it was trading at $1.53 at the time of writing. EOShas experienced an increase of 29.3% in the last seven days.
The court decision regarding EOS caused EOS to experience a price increase and diverge from the crypto market. The leading cryptocurrency Bitcoin (BTC) 2% in the last 24 hours, Ethereum (ETH) had a decrease of 2.7%.
Although previously Block.one agreed to a $27.5 million settlement with investors, in December 2021 the EOS community announced that it was halting ongoing payments to Block.one, claiming that Block.one no longer acts in the best interests of the EOS blockchain.
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