May 19, 2020 Cryptoasset investment fund initiates a lawsuit against Block.one.

The cryptoasset investment fund, the Crypto Assets Opportunity Fund (CAOF) and Johnny Hong, an investor, filed a lawsuit on Monday in the Southern District of New York against Block.one and specific members of its upper management, namely Brendan Blumer (CEO), Dan Larimer (CTO), Brock Pierce (former chief strategy officer) and Ian Grigg (former partner). The lawsuit characterizes the company’s token sale for the EOS project as an illegal securities sale during which it supposedly inflated the EOS token price while also accusing Block.one of not fulfilling its commitment to decentralize the blockchain project.