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PoolTogether completes $1.4 million legal funds

TL;DR Breakdown
  • PoolTogether hits protection funds target
  • The platform sells three distinct NFTs
  • The platform has plans to raise $2 million

PoolTogether has finally reached the maximum earmarked figure for protection fund after receiving backing from the DeFi group. The goal was hit after the firm sold NFTs picked out for that purpose. According to its statement, it only took the firm and its backers just ten days to actualize the dream of raising more than $1.4 million. In its report, the wider DeFi community was able to pool funds for the purpose because they feel the sector is currently under attack.

The platform sells three distinct NFTs

PoolTogether is currently selling off three unique NFTs to fund its legal tussle with many investors. According to the statement by the firm, the class action lawsuit is unrealistic and should not hold water. The NFTs on sale vary in price and minted tokens, with the highest price set at 75 ETH.

The firm has also noted that it will release the listed NFTs utility for the holders in the coming days. Several media reports showed that the firm had already raised about 400 ETH last week, with prominent figures across the DeFi market supporting the firm. The fundraiser leaders were two major figures who bought the 75 ETH worth of NFTs, totaling about $280,000.

PoolTogether plans to raise $2 million

PoolTogether has now confirmed that it has raised more than $1.4 million selling the NFTs, with more donations expected to enter in the coming days. Should the firm sell off the remaining NFTs in its target, it will recoup more than $2 million for the lawsuit. PolyNFT recently announced the update via its Twitter account, with the account confirming a surge of new wallets holding the company’s NFT. The handle said the platform was surprised at the massive support it has received through the purchase of its NFTs. The CEO of PoolTogether also released a statement to thank the general market for their support and hopes that they win the lawsuit.

The said lawsuit has been around the corner, with Joseph Kent, a known figure leading the aggrieved investors. According to earlier news, Kent bought lottery tickets on the platform before filing the lawsuit against the company in January. Kent believes that the lottery is illegal and wants the company to pay him double of what he spent on the lottery on PoolTogether. He also wants double all fees he paid in preparation for the case, including attorney and legal fees. Kent also talked about how harmful crypto can be, basing his points on several environmental and market factors. The PoolTogether lottery sees the winner awarded most of the funds while other runners take consolation fees.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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