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DAO token holders are plausibly liable, judge rules in bZx cla | Bitcoin News

DAO token holders are plausibly liable, judge rules in bZx class action

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U.S. judge denied a motion to bZx DAO token holders as defendants in a class action lawsuit filed by some victims of the protocol’s $55 million hack from November 2021. The Court’s ruling classified bZx DAO as a general partnership. It stated that the plaintiffs provided sufficient facts to qualify defendants who hold the DAO’s governance tokens as members of the general partnership.

bZx is a DeFi margin trading protocol. The platform’s creators transitioned the protocol to a DAO controlled by bZx DAO in August 2021. Another community called Ooki DAO soon succeeded bZx DAO, taking ownership of the protocol. Members of Ooki DAO moved their assets to this new community. Ooki DAO is currently the subject of a lawsuit by the U.S. Commodity Futures Trading Commission. The court cited comments issued by the project team when transitioning to a DAO structure as grounds for its ruling. At the time, the bZx protocol founders stated that the move to a DAO.

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