BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home NFT

A Sued DeFi Project Turns to NFTs to Raise Legal Fees

by Dalmas Ngetich
May 27, 2022 - 12:00 am
in NFT
A Sued DeFi Project Turns to NFTs to Raise Legal Fees

On Thursday, May 26th, the co-founder of PoolTogether Inc. called for his Twitter followers to show support for the protocol by minting Pooly NFTs. Leighton had been sued by Joseph Kent for running an “illegal” lottery. The funds raised from minting the NFTs will be used to fund PoolTogether’s legal defense and support its mission.

As some of you know, I’m currently being sued (personally) in a putative class action lawsuit.

I can’t speak about it publicly because the litigation is ongoing but I want to share some context and ask for your help.

— Leighton 🛡 (@lay2000lbs) May 26, 2022

Interestingly, just 24 hours later, Leighton informed his audience that the team have reached 25% of the funding goal. He acknowledged that the decline in crypto activities during this period made him quite pessimistic about the outcome of the call for funding. However, members of the PoolTogether community have pulled funds together to keep the protocol alive.

At the moment, more than 500 Pooly NFTs have been minted to defend the project. Numerous individuals have also shared Leighton’s call for help, showing solidarity with the project.

The Lawsuit

Leighton was dragged to court by Joseph Kent, a former tech lead for Senator Elizabeth Warren. Joseph believes that PoolTogether is not as glamorous as perceived and the development of the protocol is a crime under the New York law.

According to its whitepaper, PoolTogether Inc. is a blockchain-based app that runs autonomously. The protocol incentivizes users who invest in the reward pool and has a similar framework to crypto staking.

However, Mr. Kent sees the project as a lottery scheme, on hand to exploit users. Also, questions have been raised regarding who will be held responsible if things go south with the autonomous protocol.

In defense of the accusations, Kevin Broughel, a lawyer for PoolTogether emphasized that the protocol runs without the need for human interference. Any need to make iterations to the protocol can be decided on by the governing members of the protocol. PoolTogether Inc. simply runs a website that provides users with information on how to use the protocol.

Supposedly, Joseph Kent’s lawsuit was fueled by a lack of understanding of DeFi protocols and apathy for cryptocurrencies. Leighton will now be optimistic that his team gets the necessary support to overcome Joseph Kent’s roadblock. 

Tags: DeFiNFT
Dalmas Ngetich

Dalmas Ngetich

His primary focus is on technical analysis (crypto is, obviously, *not* crypto without the twirls of price action), the magic of DeFi, and NFTs. He is specifically training his eyes and effort on DeFi—and how the tech is changing investment, opening up opportunities for everyone—and the possibilities of NFTs.

Related Posts

Bar chart showing June 2025 NFT sales volume by blockchain including Ethereum, Immutable, Bitcoin, and Polygon

NFT Market Rebounds Slightly as Bitcoin Surges Past $105K

June 8, 2025

NFT sales rise 1.95% to $106.2M as Bitcoin surges to $105K. Buyer participation jumps 55% amid steady growth...

Bar chart showing June 2025 NFT sales volume by blockchain including Ethereum, Immutable, Bitcoin, and Polygon

NFT Lending Volume Collapses 97% From Peak as Market Activity Dries Up

May 28, 2025

NFT lending has collapsed 97% from its peak, with borrower activity down 90% and lenders 78%, reflecting a...

Hester Peirce of the SEC discusses NFT royalties and securities law

SEC’s Hester Peirce Clarifies NFT Royalties Don’t Make Tokens Securities

May 21, 2025

NFT royalties don’t make tokens securities, says SEC’s Hester Peirce, stressing that artist earnings are not tied to...

OpenSea logo with a digital asset background symbolizing NFT trading and U.S. regulations

OpenSea Urges SEC to Exclude NFT Marketplaces from Securities Regulation

April 10, 2025

OpenSea urges the SEC to clarify that NFT marketplaces aren’t brokers or exchanges under federal law, seeking relief...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise