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ElizaOS token falls 19% to a record low after founder says it is dead
Eliza Labs said it transferred its remaining treasury to settle a tokenholder lawsuit, while continuing Eliza open source work without the token.
ElizaOS, the cryptocurrency linked to Eliza Labs, dropped 19% in 24 hours to an all time low after the project founder said the token is “dead” and that the Eliza Foundation is winding down, according to Cointelegraph.
CoinGecko data cited by Cointelegraph showed ElizaOS trading around $0.000285, after touching $0.000284, with a market capitalization of $2.1 million at the time of writing.
The founder, Shaw Walters, said Eliza Labs privately settled a tokenholder lawsuit represented by Burwick Law by agreeing to provide its remaining treasury and funds, and said the company lacked capital to continue fighting the case.
Walters also said there is no funding for token buybacks and no foundation or future supply intervention to support the token, adding that Eliza open source development would continue without the token or the foundation.