The price of EOS rose more than 17% on Wednesday, just days after a court ruling in the Southern District of New York.
At the time of writing, EOS was trading at $1.51, up more than 28% over the past seven days, according to CoinGecko. Wednesday’s price move set EOS apart from the broader crypto market. Bitcoin and ether shed 1.4% and 1.1% respectively in the last 24 hours.
In May 2020, a group of investors had sued Block.one, the company that originally designed the EOS network, alleging that its initial coin offering was a securities sale. In response, Block.one agreed to a settlement of $27.5 million with investors.
Yet on August 15, this proposal was denied. In the Southern District of New York, Judge Lewis Kaplan ruled that the lead plantiff in the class action, Crypto Assets Opportunity Fund LLC, did not adequately represent the interests of all investors.
Block.one is also facing rebellion on other fronts. In December 2021, the EOS community elected to stop ongoing payments to Block.one, over claims that it is no longer acting in the network’s best interests. The decision was led by a group of existing EOS members and block producers called the EOS Network Foundation (ENF). Today, the community also renamed its codebase from EOSIO to Antelope.
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