Federal judge dismisses lawsuit against DeFi startup

 

A federal court judge dismissed a lawsuit against the decentralized finance protocol platform PoolTogether.  The lawsuit by Joseph Kent alleged the startup broke New York gambling laws by evading regulators and scamming customers.  Judge Frederic Block said that despite having concerns about the startup, "a federal court is not an appropriate way to address them." The judge said Kent is free to pursue the case in state court. The startup's supporters say the NFTs now have utility. PoolTogether raised 769 ETH, which was then equivalent to $1.4M, through the sale of PoolyNFTs to fund its lawsuit defense.