EOS climbs 19% after Block.one court ruling

EOS rose 19.1% in 24 hours, with the asset trading around $1.53, according to CoinGecko. The price jump followed a court ruling in the Block.one lawsuit.

Over the past seven days, the coin’s price rose more than 29%. Bitcoin rose 1.1% over this period, and Ethereum, ahead of the crucial upgrade The Merge, rose 8%.

In May 2020, investors filed a class-action suit against Block.one, which initially launched the EOS network. They alleged that the project’s $4.2 billion ICO was a sale of securities.

In June 2021, Block.one agreed to settle the dispute with a payment of $27.5 million.

On August 15, the judge of the Southern District of New York, Lewis Kaplan, declined to approve the settlement. According to The Block, he ruled that the lead plaintiff, Crypto Assets Opportunity Fund, did not adequately represent the interests of all investors.

In December 2021, the EOS community decided to discontinue regular payments to Block.one, saying that it no longer acts in the interests of the network.

In February 2022, the EOS Network Foundation, a nonprofit, announced its intention to recover $4.1 billion from the company.

Earlier, Integra analysts found signs of manipulation in the EOS ICO.

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