What I make of the Maker class-action lawsuit
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Quick Take
- A new lawsuit was filed earlier this week in a San Francisco federal court against three MakerDAO-related entities as a proposed class action.
- Plaintiff says that the loss of collateral in a CDP was liquidated because of flaws in software design and undisclosed or misrepresented risks that allowed bots to purchase collateral for zero cost without competitive bidding in an auction process.
- Factual and legal issues may make recovery challenging for the plaintiff, but the defendants face longer-term potential risks arising out of adverse factual findings regarding their relative degree of decentralization and control over DAI and MKR.
A new lawsuit was filed earlier this week in a San Francisco federal court against three MakerDAO-related entities as a proposed class action.
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