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Techub News reports that cryptocurrency law firm Burwick Law has formally filed a federal class action lawsuit in the U.S. District Court for the Southern District of New York against the creators of AI16Z and ElizaOS (defendants including Walters). The plaintiffs accuse the defendants of allegedly violating consumer protection laws, engaging in false advertising, and unjust enrichment. The defendants are accused of misappropriating the brand reputation of the well-known Silicon Valley venture capital firm Andreessen Horowitz (a16z), fabricating the image of an AI technology startup, and issuing a token named AI16Z (later renamed ELIZAOS) on the Solana blockchain on October 24, 2024. The project claimed to possess an AI agent capable of autonomous investment, but it was actually manually operated and generated no revenue during the class action period. On January 2, 2025, the token's price reached an all-time high of approximately $2.47, with a market capitalization exceeding $2.6 billion, before subsequently crashing due to large holder sell-offs. On-chain data indicates that the most profitable traders realized profits of around $39 million. Furthermore, the defendants expanded the total token supply tenfold during the migration to ELIZAOS and allocated 40% of the new tokens to insiders. Affected by this incident, the Korea Digital Asset Exchange Alliance (DAXA) has added the relevant token to its "Investment Warning" list, and Coinbase has also announced the suspension of its perpetual contract trading. This case is regarded as a significant legal action against regulatory arbitrage practices involving "AI + Meme" concepts.
Techub News, according to an announcement released by Binance, after the AI16Z token is upgraded to ELIZAOS, the total supply of ELIZAOS tokens will increase from 66 billion to 110 billion. Of this, 60% will be allocated for the token swap for original holders, 5.5% will be used for liquidity and listing, 4.5% will be allocated to the foundation, 2.5% will be used for the ecosystem, 2.5% will be used for protocol liquidity, 15% will be allocated for future simple agreements for future tokens, and 10% will be allocated to the team and contributors. The circulating supply will increase from 66 billion to 74 billion, with the additional allocation being 607 million for liquidity and listing, and 275 million for protocol-owned liquidity.
Techub News, Binance Alpha 2.0 has completed the token swap, increment, and brand upgrade of ai16z (AI16Z) to elizaOS (ELIZAOS). Tokens have been distributed at a ratio of 1 old AI16Z : 6 new ELIZAOS, and deposit services for the new ELIZAOS token are now available. Binance Alpha 2.0 opened trading for elizaOS (ELIZAOS) on November 7 at 14:30.
Techub News: Binance tweeted that due to the delay in the liquidity pool setup by the ELIZAOS project team, the trading start time for ELIZAOS tokens originally scheduled for 10:00 today has been postponed. The new launch time will be announced separately.
Techub News, Binance Alpha lists elizaOS token ELIZAOS.
Techub News: Binance Alpha and Binance Contracts will support the plan for ai16z (AI16Z) token replacement, increment, and brand upgrade to elizaOS (ELIZAOS). Binance Alpha 2.0 will temporarily suspend AI16Z trading starting from 18:00 on November 6 (Hong Kong Time) to facilitate the token swap. All remaining AI16Z in users' Binance Alpha 2.0 accounts will be converted to ELIZAOS at a 1:6 ratio. ELIZAOS is expected to resume trading on Binance Alpha 2.0 at 10:00 on November 7. Simultaneously, deposits of ELIZAOS into Binance Alpha 2.0 accounts will also be resumed.
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