PoolTogether Gathers Support From The DeFi Community To Reach The $1.4 Million NFT Defence Funding Goal

• PoolTogther is now selling three tiers of NFTs as part of a PoolyNFT fundraising campaign to fight a class-action lawsuit it believes has no basis. The NFTs are valued at 0.1, 1, and 75 ETH per token, with the total amount of tokens issued varying. Moving forward, the initiative will roll out hodler utility for the NFTs.

• At the time of writing, the total amount raised was 788.40 ETH, or approximately $1.474 million. The campaign still has 16 days left, and if all of the NFTs are sold, the campaign will have raised $1,076 ETH, or $2 million.

• Kent claims that PoolTogther and its partners are running an unlawful lottery in New York, and he is seeking double the amount he spent on PoolTogther (a whopping $24), as well as twofold the sensible measure of lawyer’s expenses and legitimate expenses

I’m at a loss for words right now. PoolTogether co-founder Leighton Cusack remarked, I’m blown away by how the community has rallied around PoolTogether Inc and myself. PoolTogether, a no-loss lottery decentralized finance (DeFi) platform, has raised 100% of its legal defence financing goal through the sale of nonfungible tokens (NFTs). The initiative reached its financial goal of 769 Ether (ETH), or $1.4 million, in just ten days, indicating significant support from the DeFi community, which is uniting against a lawsuit that some believe is an attack on the entire sector.

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Over 4,200 Distinct Wallets Are Currently Holding Poolys

PoolTogther is now selling three tiers of NFTs as part of a PoolyNFT fundraising campaign to fight a class-action lawsuit it believes has no basis. The NFTs are valued at 0.1, 1, and 75 ETH per token, with the total amount of tokens issued varying. Moving forward, the initiative will roll out hodler utility for the NFTs. PoolTogether’s fundraising endeavour hit over 471 ETH last week, according to Cointelegraph, with support from notable names in the crypto field including Chris Dixon, the general partner of Andreessen Horowitz, who procured a Pooly Judge level NFT for 75 ETH, or generally $141,000 at current rates.

At the time of writing, the total amount raised was 788.40 ETH, or approximately $1.474 million. The campaign still has 16 days left, and if all of the NFTs are sold, the campaign will have raised $1,076 ETH, or $2 million. On Monday, the PoolyNFT team tweeted the achievement, stating that over 4,200 distinct wallets are currently holding Poolys. It’s incredible to see what the community has accomplished by banding together. Leighton Cusack, a co-founder of PoolTogether, added: I’m at a loss for words right now. I’m astounded by how supportive the community has been of PoolTogether Inc and me.

The Reasonable Amount Of Attorney’s Fees And Legal Costs

The class-action case in question is being sponsored by Joseph Kent, the former technology lead for Senator Elizabeth Warren’s 2020 presidential campaign, who filed a lawsuit against the DeFi project in January after spending only $12 on lottery tickets via PoolTogether. Kent claims that PoolTogther and its partners are running an unlawful lottery in New York, and he is seeking double the amount he spent on PoolTogther (a whopping $24), as well as double the reasonable amount of attorney’s fees and legal costs.

Kent also expressed a general dislike for crypto in his complaint, mentioning scams, environmental damage, and Ethereum’s exorbitant gas fees, among other things, implying that his annoyance extends beyond PoolTogether. PoolTogether uses the funds of ticket buyers and liquidity providers to earn interest via DeFi lending protocols to offer risk-free lotteries on stablecoin deposits in the platform. The lottery winner receives the majority of the proceeds, with a few runner-ups receiving a smaller portion and the rest participants receiving a complete refund.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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