The Bullish exchange platform is built on the EOSIO blockchain, with the goal of benefitting asset holders, traders and increase the overall market integrity. Block.one, which is known for creating EOS, the most anticipated cryptocurrency token of 2018 garnered massive backlash from the EOS community when it invested large amounts of money raised for the development of EOS into Bullish. The move also resulted in the resignation of then CTO, Dan Larimer in 2020 and the formation of ENF. Block.one’s path to launching Bullish has since been peppered with lawsuits and restrictions.
Allegations against Block.one for misleading investors, settles class-action lawsuit
After recently settling a class-action lawsuit, Block.one said it is focusing on its crypto business mandate. The blockchain software company posted a blog post on Friday announcing a settlement agreement with a group of investors led by Crypto Assets Opportunity Fund connected to the EOS ICO 2018. Block.one will settle for $27.5 million if the court approves, a figure similar to that of the fine the company paid to the U.S. Securities and Exchange Commission back in October 2019.
With allegations that tokens were sold to U.S. investors, the EOS ICO, which raised over $4 billion, has been a point of controversy. Block.one has also been accused by some participants of misleading investors with false and misleading statements.
Commenting on the settlement, Block.one stated:
“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’s Crypto exchange platform, Bullish Global attracts major players, raises a total of $10B
I was previously reported that Block.one has raised $10 billion for its tech subsidiary to launch a hybrid cryptocurrency exchange platform.
Mike Novogratz of Galaxy Digital and serial investor Peter Thiel have backed Block.one’s latest venture. Several hedge fund managers participated in raising $300 million for Bullish Global, including Louis Bacon and Alan Howard.
As part of its pivot to this new venture, Block.one allegedly sunk its Bitcoin (BTC) holdings – about 164,000 bitcoins valued at $9 billion at the time – into the new company. A $100 million cash injection and 20 million EOS were also provided by EOSIO.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
