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In May 2021, the United States District Court for the Southern District of New York ruled that the digital asset management firm OlympusDAO was a pyramid scheme. The court ordered the defendants to pay $30 million in restitution to investors. lawsuit olympusdao dao daoskesslercoindesk

This is not the first time that OlympusDAO has been accused of fraud. In 2019, the Securities and Exchange Commission (SEC) charged the firm with operating a pyramid scheme. lawsuit olympusdao dao daoskesslercoindesk

Olympus, a decentralized autonomous organization (DAO), is being sued by Kessler, a former member. The lawsuit alleges that Olympus failed to properly manage its funds, resulting in financial losses for Kessler.

This is not the first time that Olympus has been accused of mismanagement. In 2016, another DAO called the DaoSklad was created in response to concerns about Olympus’ management of funds.

The Olympus DAO is being sued by the Kessler CoinDesk for allegedly violating election rules. The lawsuit claims that the Olympus DAO did not follow the proper procedures for voting on proposals and did not provide adequate notice to members about its actions. The suit also alleges that the Olympus DAO failed to disclose its financial condition to members and did not follow the proper procedures for handling member contributions.

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