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Crypto Investors’ $28M ‘Black Thursday’ Lawsuit Against DeFi Giant Maker Dismissed by US Judge

A federal judge dismissed a class-action lawsuit that alleged investors on Maker, one of the largest decentralized finance protocols, suffered some $8 million in losses because the platform misrepresented risks, according to a court document filed on Wednesday.

The “Black Thursday” lawsuit filed in April 2020 claimed that Maker-related entities including Maker Ecosystem Growth Foundation misrepresented collateralized debt positions on the platform as more secure investments than other assets because they required over-collateralization, CoinDesk reported at the time.

The Maker Ecosystem Growth Foundation was dissolved as part of a strategy helmed by founder Rune Christensen to decentralize the protocol, handing operations over to a decentralized autonomous organization called MakerDAO.

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