The CFTC has begun the process of getting default judgment in its controversial lawsuit against Ooki DAO, after the latter missed its deadline to respond to the suit.
), stating it had missed the deadline to"answer or otherwise defend" as instructed by the summons.
If approved, the entry of default will establish Ooki DAO has failed to plead or defend itself in court and will no longer be able to answer or respond to the suit. An"entry of default" is the first step in the process of gaining a default judgment — a ruling handed down by the court when the defendant fails to defend a lawsuit.The lawsuit in question was filed by the CFTC on Sep. 22, 2022, alleging Ooki DAO of illegally offering “leveraged and margined” digital asset commodity transactions to retail traders along with failing to enact a way to identify customers and “engaging in activities only registered futures commission merchants can perform.
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