PoolTogether Raises 471 ETH via Pooly NFTs to Fund Legal Defence

PoolTogether Raises 471 ETH via Pooly NFTs to Fund Legal Defence

An Ethereum-based lottery platform, PoolTogether has raised 470.90 Eth via sale of their Pooly NFTs. The sum, worth around $90,9920.07 at the time of writing, will be used to fund the platform’s legal defence against a putative class action lawsuit.

The NFTs sold are called Pooly NFTs and are available in three types of pricing and rarity. The supporter tier NFTs consist of 10,000 editions priced at 0.1 Eth, the lawyer tier NFTs of 1,000 editions at 1 Eth, and the judge tier NFTs which are only 10 in quantity are available at 75 Eth.

PoolTogether has currently accumulated half its target amount of 769 ETH, worth roughly $1.5 million. The platform has another 21 days before the NFT funding campaign ends. 

Even the general partner of Andreessen Horowitz, Chris Dixon has extended his support by buying one of the 75 Eth judge NFTs.

The lawsuit against PoolTogether has been filed by the former technology lead for Senator Elizabeth Warren’s 2020 presidential campaign, Joseph Kent. 

Kent deposited $12 worth of stablecoins in the project and is now suing its founder Leighton Cusack and several of its affiliated partners. Kent alleges that PoolTogether is operating an illegal lottery in New York. 

He says, that because the platform keeps around 50% of each weekly prize as a reserve, the platform “may never offer a positive expected value”.

Kent is seeking compensation equal to twice the amount he paid on PoolTogether lottery tickets, as well as double the reasonable amount of attorney’s fees and legal costs.

PoolTogether said in response that the “allegations lack merit but a thorough defence is still needed.” 

On the platform’s NFT minting platform it has said, “PoolTogether Inc. is a defendant in a putative class action lawsuit. A person deposited the equivalent value of $12.00 into the protocol and is now suing PoolTogether Inc. and others for substantial damages.”

PoolTogether has garnered much support from the crypto community, seeing as how Kent has previously voiced his concerns against crypto and stated how the sector is “accelerating climate change and allowing people to evade financial regulations and scam consumers.”

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