![]() It appears that certain organizations still believe they can avoid liability if their founders and promoters hide behind screen names, social media handles and fictitious entities. Evans, an attorney for Liang, said: “There is a completely legal and legitimate way to run a DAO. The name behind the phone number matches one that was signed on the token purchase agreement that Liang originally thought was fictitious. The suit says Liang's legal team identified Apollo by doing a reverse lookup on a phone number Apollo used to call Liang. With the identities of Olympus’s founders a secret, the lack of an officially registered company behind the fundraiser was, according to the lawsuit, designed to make it difficult for an investor like Liang to pursue legal action against the project. Liang alleges that a token purchase agreement (TPA) between him and Olympus stated that money raised in the private funding round would go to a company that didn't actually exist. Liang says the Olympus team’s ability to meddle with key smart contract functionality undermines claims that the project is decentralized.Īccording to the lawsuit, the Olympus team also used pseudonymity to protect its members from liability. In his suit, Liang alleges that after he started selling some of his Olympus tokens, the Olympus team punished him by rendering inoperable the smart contracts enabling him to redeem pOHM for OHM. According to an Olympus Medium post, investors like Liang were later able to mint 1 OHM in exchange for 1 DAI and 1 pOHM. dollar-based stablecoin) in a private funding agreement in exchange for 4 million pOHM, a precursor to OHM. The complainant in the lawsuit filed Thursday, Australia-based investor Jason Liang, says he agreed to promote OlympusDAO and paid $50,000 in DAI (a U.S. The OHM token now sits at $28 according to CoinMarketCap, down from a $1,300 peak in October. ![]() The project sought to establish its native OHM token as a digital reserve currency through a mix of memes and game theory, but its price famously tanked 95% this past winter. The Ethereum-based OlympusDAO project has been one of the most talked-about – and most controversial – experiments to enter the world of DeFi in the past year. CoinDesk has not independently verified the identity of the alleged Apollo and has reached out to the individual named in the lawsuit, Daniel Bara, for comment.
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