Texas court issues default judgment against Bancor DAO for ignoring summons, facing class action lawsuit
From Cointelegraph
March 14, 2025 01:30 AM:
A Texas federal judge has issued a default judgment against Bancor DAO after it failed to respond to a summons involving a class action lawsuit by investors who claim they lost millions due to liquidity issues. The plaintiffs allege Bancor deceived investors about impermanent loss protection and operating an unregistered security. Bancor’s total value locked stands at $38 million, down 98% since its peak in May 2021. The ruling follows a similar case where the CFTC won a default judgment against Ooki DAO, and a California judge ruled that DAOs can be sued in cases involving unregistered securities.
Read more at Cointelegraph.com
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