The announcement from Ava Labs revealed that the “first of many ILOs” sprang up after massive destruction of personal properties.
According to a recent announcement, an Initial Litigation Offering (ILO) has launched on the Avalanche blockchain. Initial Litigation Offering is a blockchain-enabled token that would give investors access to a portion of payouts from lawsuits. On the 14th of December, Ava Labs revealed in the announcement that the open-source platform, Roche Cyrulnik Freedman LLP, and Republic Advisory Services are jointly bringing the asset class to the Avalanche blockchain. Specifically, the announcement revealed that litigation financing is worth $10 billion and would be made available by creating a new kind of token, the Initial Litigation Offering (ILO). Litigation FundingAs the announcement noted, litigation funding, also litigation financing, is the provision of capital by a third-party called “litigation funder” to a plaintiff. In return, the plaintiff offered a portion of his recovery from the litigation to the litigation funder.Kevin Sekniqi of Ava Labs commented on the introduction of the Initial Litigation Offerings:
“ILOs are a breakthrough for both individuals lacking the resources to seek remediation, and for retail investors who are often locked out of the most highly-performant asset classes. They are fundamentally unique from any other investments, and the creation of the ILO marks for the first time blockchain technology will be used to democratize financial products at a multi billion-dollar scale.”
In a tweet, Sekniqi also announced the Initial Litigation Offerings. He noted that ILO is a “first of its kind token” that is about to generate over $10 billion to the crypto space. He added that the secured funds would be available for trading. Sekniqi also gave a detailed analysis of the litigation financing concept. Furthermore, the announcement revealed that a leading litigation finance firm had funded 103 cases since 2014. Out of the 103 cases, 43 cases have been settled with about 70% win rate #. Also, the cases generated 52% returns, excluding fees and expenses. Initial Litigation Offering (ILO) on Avalanche: First of Its Kind TokenNotably, the Ava Labs announcement revealed that the “first of many ILOs” sprang up after massive destruction of personal properties. Ava Labs noted that the properties’ destruction is the biggest of its kind in the history of the United States. In this case, the plaintiff is California-based Indian hemp research, development, and commercialization institution Apothio LLC. Founded in 2014, Apothio LLC focused on hemp-derived cannabidiol oil (CBD). Last year October, Kern County Sheriff’s Office (“KSCO”) intentionally and wrongfully destroyed 500 acres of Apothio LCC’s hemp farm. At the time of the unlawful destruction, KSCO did not give the plaintiff a prior notice. Also, the legally grown hemp farm is worth about $1 billion. The ILO scheduled to hold in Q1 2021 will allow investors to take part in a possible recovery. next