Compound outstanding debt grows 400% over 3 days as COMP distribution begins

Quick Take

  • Money market protocol Compound began the distribution of its governance token, COMP, on June 15
  • With a market price of ~$200, COMP offers borrowers and lenders close to $600,000 in subsidies per day 
  • Outstanding supply and debt have since grown more than 210% and 470%, respectively, as speculators seek to participate in the distribution
  • While the protocol’s key performance metrics are up across the board, it remains unclear whether momentum can be sustained as competing protocols begin to issue equivalent subsidies 

Tezos Foundation to settle all class action lawsuits

Tezos Foundation announced that it has entered into a settlement of all class-action lawsuits.  The settlement, if approved by the court, will conclude the blockchain project’s prolonged Class Action dispute over its $232 million initial coin offering (ICO).  “The Tezos Foundation chose to settle all claims because the Tezos Foundation believes it is in the best […]

The post Tezos Foundation to settle all class action lawsuits appeared first on The Block.

The 1World token lawsuit and the perils of bad contracts

Quick Take

  • New lawsuit in San Mateo County Superior Court by 1World Online Inc. against Blockchain Generation seeks damages for breach of a so-called “Token Barter Agreement”
  • Plaintiff says that they were promised ICO tokens and consulting services in exchange for 1World tokens, but defendants failed to deliver
  • Poorly drafted contract drafted at height of ICO boom may complicate the case if defendants answer the lawsuit and mount a vigorous defense
  • Also possible that status of tokens as unregistered securities – if that is the case – could complicate case resolution 

SEC charges yet another firm over unregistered ICO

The U.S. Securities and Exchange Commission (SEC) has charged blockchain firm Opporty International and its founder Sergii “Sergey” Grybniak for conducting an unregistered initial coin offering (ICO). The SEC announced Tuesday that Opporty and Grybniak raised around $600,000 from nearly 200 investors by selling unregistered securities in the form of “OPP Tokens” during 2017-2018. They […]

The post SEC charges yet another firm over unregistered ICO appeared first on The Block.

Stox token sale proceeds used to buy Israeli soccer team, new federal court lawsuit says

Link to lawsuit A new 8 count federal court lawsuit in Seattle names Stox Technologies and Moshe Hogeg as defendants. Plaintiff claims that he purchased Stox Tokens in reliance on statements made in the Stox whitepaper but was damaged to the tune of $435,000 when the Defendants flooded the market with Stox tokens, “causing a drastic […]

The post Stox token sale proceeds used to buy Israeli soccer team, new federal court lawsuit says appeared first on The Block.