The EOS cryptocurrency surged about 15% on Wednesday amid developments seen as positive for the token’s community.
EOS, just inside the top-50 tokens by market capitalization according to data provider CoinGecko, far outperformed most other major cryptocurrencies, with Bitcoin down 0.8% as of 6:35 a.m. in New York. The gain was spurred by a legal ruling and an expected network upgrade.
A court in New York nixed a proposed $27.5 million settlement by Blockchain-technology developer Block.one over allegations that the firm’s initial offering of EOS coins several years ago should have been registered as a securities sale.
The ruling is “recognizing the needs of EOS token holders, who the judge ruled were not adequately represented in the proposed settlement,” said Hayden Hughes, chief executive officer of social-trading platform Alpha Impact. Meanwhile “traders are rejoicing about the network upgrade expected on the EOS blockchain next month,” he said.
Block.One didn’t immediately...
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