A Guy Put $10 in an Ethereum DeFi App, Then Filed a Lawsuit - Aliens: AI Crypto News & Markets Updates

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A Guy Put $10 in an Ethereum DeFi App, Then Filed a Lawsuit

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Crypto Briefing

Fri, Jan 14, 2022

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A DeFi user has filed a lawsuit against Pool Together Inc. after depositing $10 in a pool of funds governed by a smart contract.

PoolTogether is a “no loss” lottery that lets users stake their tokens into savings pools for a chance to win a weekly prize.

The plaintiff has argued that PoolTogether occupies a regulatory “grey zone.” A new DeFi user with connections to Senator Elizabeth Warren is suing one of Ethereum’s earliest yield farming protocols.

PoolTogether is a DeFi protocol that sells itself as a “crypto-powered savings protocol based on Premium Bonds.” It’s a smart contract on Ethereum that gives users the opportunity to win token prizes from the interest generated by the assets it pools.

The lawsuit comes after Mr. Kent deposited $10 worth of cryptocurrency in PoolTogether in October 2021.

Kent has claimed that PoolTogether isn’t legally permitted to run prize-linked savings accounts His suit has been filed under a New York state law that lets a person who purchases an illegal lottery ticket bring a class-action lawsuit on behalf of themselves and other ticket-holders.

PoolTogether users have made deposits of at least $122 million, according to Mr. Kent’s lawsuit.

DeFi operates differently as the rules are encoded in smart contracts that anyone can see.

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