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AI16Z and the creator of ELIZAOS are facing a class action lawsuit alleging false advertising and unfair enrichment

2 hours ago

April 21, 2025 — Crypto law firm Burwick Law has filed a federal class-action lawsuit in the U.S. District Court for the Southern District of New York (SDNY) against AI16Z and ELIZAOS creator Walters, along with other defendants, alleging violations of consumer protection laws, false advertising, and unjust enrichment. Legal filings show the defendants leveraged Andreessen Horowitz (a16z)’s brand reputation to package their project, launching the AI16Z token on the Solana blockchain on October 24, 2024 before rebranding it to ELIZAOS. The complaint claims the project falsely advertised AI agents capable of autonomous investing—but the systems were actually human-operated, and no revenue was generated at the time the lawsuit was filed. Additional suit details note the token hit an all-time high of roughly $2.47 on January 2, 2025, with a market capitalization exceeding $26 billion, before crashing due to selling by large holders (whales). On-chain data indicates the most profitable traders realized approximately $39 million in gains from the token.
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Current mainstream CEX and DEX funding rates indicate that the market continues to remain predominantly bearish.

April 22: Bitcoin saw a minor rise while staying volatile, with Coinglass data showing current funding rates across major centralized (CEX) and decentralized (DEX) exchanges point to a predominantly bearish market for perpetual contracts (details in the chart below). [BlockBeats Note] Funding rates are fees set by crypto exchanges to keep perpetual contract prices aligned with underlying asset values. They work as a fund transfer between long and short traders—exchanges do not collect these fees—adjusting holders’ costs or profits to narrow gaps between contract and underlying prices. Rate benchmarks: 0.01% is the baseline; rates above 0.01% signal bullish sentiment; rates below 0.005% indicate bearish bias.

4 minutes ago

In the past 24 hours, the entire network has seen $260 million in liquidations, with the majority coming from the largest short positions.

Per Coinglass data, total crypto liquidations over the past 24 hours (as of April 22) hit $260 million. Long positions accounted for $89.06 million in liquidations, while short positions totaled $171 million. ### Notes on U.S. language habits applied: 1. **Conciseness**: Used "per" (common in U.S. financial news) instead of "according to" for brevity. 2. **Dynamic verbs**: "Hit" (instead of "was") conveys market movement clearly. 3. **Clarity in structure**: Split the sentence for readability (no overly long compound sentences). 4. **Natural date framing**: "As of April 22" aligns with U.S. time-stamp conventions for real-time updates. If aiming for even tighter **news brief style** (common in U.S. crypto outlets): *"Per Coinglass, total crypto liquidations in the 24h ending April 22 hit $260M — longs: $89.06M, shorts: $171M."* (Abbreviates "hours" to "h" and uses colon shortcuts for quick scanning.)

4 minutes ago

Kalshi to Launch Perpetual Futures Crypto Trading

On April 22, The Information reported that Kalshi is set to launch perpetual cryptocurrency futures trading.

4 minutes ago

Iranian Foreign Ministry Spokesperson: Decision on Participation in Talks Not Made Yet

April 22: Iran’s Foreign Ministry spokesperson stated that no decision has yet been made on whether to participate in the talks. (FXStreet)

4 minutes ago

Houthi Rebels Say They Will Fight if the Enemy Returns to the Battlefield

April 22 (CCTV News) — On local time April 21, a Houthi rebel leader stated, “If the enemy returns to the battlefield, we will also join the fight.” The Houthi leader added, “Our position is clear and public: We will never remain neutral in the face of U.S. and Israeli aggression against the Islamic Republic of Iran.”

4 minutes ago

Grayscale Research Director: If Bitcoin Rises in the Next Few Days, It Could Be Seen as the Start of Bull Market Phase 1

April 22: Grayscale Research Director Zach Pandl released a report noting Bitcoin hit an approximate $63,000 low on February 5, has rebounded more than 20% since, and now trades around $76,000—slightly above recent buyers’ average cost basis. Bitcoin’s fully transparent blockchain allows the cost basis of every transaction to be traced. Analysts frequently track the "Realized Price" metric: the weighted average price of all circulating coins at their last on-chain movement. The 1-to-3 month realized price is around $74,000, meaning recent buyers are at breakeven. If Bitcoin continues rising in the coming days, more recent buyers will shift to profitable positions (positive P&L)—a common signal of the start of a bull market’s first phase. Key Takeaway: While Bitcoin remains well below last October’s all-time high, many recent buyers have reached breakeven, suggesting the asset may have formed a solid market bottom in the $65,000 to $70,000 range.

4 minutes ago

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