Dear Elastos Community,
In a recent legal development, as of December 26th, the United States District Court for the Southern District of New York has issued a Final Order and Judgment in the case involving the Elastos Foundation, Feng Han, and Rong Chen. This judgment represents a pivotal moment in the proceedings, marking the resolution of the claims against Elastos and the individual defendants.
The case revolved around allegations from plaintiffs Mark Owen and James Wandling, who asserted that the defendants had violated sections of the Securities Act of 1933 by selling and soliciting unregistered ELA cryptocurrency tokens. The court’s recent action brings closure to these claims against Elastos and the individual defendants. This conclusion represents a significant turn in the case, outlining the boundary of resolved issues.
As we near the end of this significant legal chapter, it’s important for members of the Elastos community to be aware of ongoing opportunities and developments. A proposed settlement of $2 million to resolve these claims means that if you purchased or acquired ELA tokens between January 1, 2018, and July 27, 2023, you might be entitled to a share of this settlement. If you believe you are eligible and affected by this case, the court is still open to accepting class claims. Your participation is important, and we recommend you to take action.
What do I do?
To submit your claim or to gain more insight into the process, please visit the Elastos Securities Litigation page. Additionally, a guide is available to assist you in navigating through the submission process. Remember, time is of the essence to ensure your involvement in this settlement. For those interested in the detailed history of the case, extensive information and updates are available here.
Whats next?
We want to thank all those who have stayed firm and believed in Elastos over the years while this court case has been active. Your resilience and belief have allowed the project to keep growing and remain an innovator in supporting a user-owned internet. The recent legal developments have brought us to an exciting juncture, allowing us to shift our focus towards the future with renewed optimism.
One of our key commitments for 2024 is the innovative Bitcoin Layer 2 solution, BeL2. This solution adds smart contract programmability and decentralised staking to Bitcoin, unlocking over $800 billion in dormant layer 1 value to enable smart finance, entertainment, and asset markets. Moreover, Elacity is set to release its Access Economy Protocol on Elastos on January 7th. This DRM protocol introduces scarce, content markets on the Elastos SmartWeb, starting with video, marking a significant milestone in showcasing the Elastos vision where creators can directly sell content to the world. How this technology converges into BeL2 only adds to the excitement of Elastos’ maturing journey.
For updates, join the Elastos community telegram and follow us on X. Onwards. Upwards. Elastos!
