$1.16 Million Crypto Platform Class Settlement Approved by Judge

Maker Ecosystem Growth Holdings Inc. will pay $1.16 million to settle claims by cryptocurrency account holders, following a federal judge’s approval of a class action accord on Friday.

Judge Maxine M. Chesney of the US District Court for the Northern District of California approved the settlement ending the lawsuit by “Vault” holders on the Maker platform. Plaintiffs alleged Maker, also called Metronym, misrepresented the risks associated with the decentralized finance platform by promising that its own digital currency, DAI, was shored up by other digital assets.

• Vault holders lost approximately 120,000 Ethereum cryptocurrency, or ETH, which served as Maker’s collateral, ...