Sunday, December 3, 2023

With NFT Collection, DeFi’s PoolTogether crowdfunds legal defence.

PoolTogether is an app based game in which there are no losses. People can win prizes on it by depositing funds on it via a DeFi back-end and walk or move to earn crypto prizes. But now they have run into trouble in New York and are fundraising for their defense.

They are letting go of some of their NFTs to get a legal team and defend their app against the lawsuit. The said lawsuit was filed in October last year by Joe Kent anti-crypto personnel saying that the app is akin to gambling.

Kent also said that he is very concerned about the environmental impact of crypto as it takes a lot of energy to run and maintain. He believes that crypto can accentuate the world power crisis and have a first hand in global warming too.

Kent himself put $10 onto the app and said that it broke New York state’s gambling laws. All of the investors and the founder themselves are named in the lawsuit and are being dragged to court for the operations of the app.

By naming all of these people Kent wants to see who exactly is responsible when the apps will harm a user. This has stirred a new debate and the crypto community has rallied in the PoolTogether’s favor.

They are now seeking new ideas for fundraising for their legal counsel. In just 2 hours after the launch of the campaign, they were able to raise 73 ETH which is the equivalent of $135,000. But the larger goal of 769 ETH is still a bit away.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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