$30M MakerDAO “Black Thursday” Lawsuit Sent to Arbitration

News • 2020/09/30 • by

MakerDAO escapes a $30 Million lawsuits from black Thursday loss. A user of MakerDAO named Peter Johnson filed a lawsuit on the 14th of April 2020 against MakerDAO, claiming that their terms stated for the use of the service have gone against their protocol to avoid the risk of using the service.

He was in for a sum of thirty million dollars worth of money. He proposed to have suffered over a loss of over 200 million dollars of Ethereum. This happened during the middle march when many ETH were liquidated.

However, the court has sent the lawsuit to arbitration. And even the MakerDAO has voted against reimbursing all the users who also have suffered losses.

So every user, both old and new, should fully understand that MakerDAO will not be responsible for losses incurred by traders or investors using the platform.