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EOSIO developer Block.one said it was focusing on its crypto business mandate after recently settling a class action lawsuit.
In a blog post posted on Friday, the blockchain software company announced a settlement agreement with a group of investors led by the Crypto Assets Opportunity Fund regarding the initial offering of EOS 2018 coins.
If approved by the court, Block.one will settle $ 27.5 million, a figure similar to the fine the company handed over to the U.S. Securities and Exchange Commission in October 2019.
The EOS ICO which grossed more than $ 4 billion has been the subject of controversy with allegations that tokens have been sold to US investors. Some attendees also alleged that Block.one deceived investors with false and misleading statements.
Commenting on the settlement, Block.one said:
Block.one believes this lawsuit was baseless and filled with many inaccuracies. However, accepting this rule allows us to devote more time and energy to running our business and delivering new products.
Indeed, the company recently announced its intention to launch Bullish Global, a technology subsidiary that aims to bridge the gap between traditional and digital asset spaces. As previously reported by Cointelegraph, Block.one has raised $ 10 billion to establish the tech affiliate with plans to launch a hybrid cryptocurrency exchange platform.
Related: Block.one Secures Funding For $ 10 Billion EOS-Based Crypto Exchange Platform
Block.ones’ latest venture has drawn support from major players like Galaxy Digital Mike Novogratz and serial investor Peter Thiel. Hedge fund managers like Louis Bacon and Alan Howard were also involved in raising $ 300 million for Bullish Global.
Such is the magnitude of Block.ones’ pivot in this new venture that the company reportedly sank its Bitcoin (BTC) holdings of around 164,000 BTC valued at $ 9 billion at the time into the new company. Developer EOSIO also spat out another injection of $ 100 million in cash along with 20 million EOS tokens.
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