If you’re a user of the MakerDAO/Sky platform, you may have heard about a recent proposal made by BA Labs (the “Proposal”) that could damage your rights by the forced liquidation of Wrapped Bitcoin (“WBTC”). The Proposal, offered without a justifiable and objective basis, seeks to arbitrarily “devalue” and “offboard” WBTC from the existing collaterals pledged by users to borrow from MakerDAO.

Our law firm is looking for people who want to fight back against these unjustifiable efforts to ram through a change that could damage MakerDAO stakeholders without an objective basis.

The Proposal, once implemented, would effectively force MakerDAO borrowers into a fire-sale to liquidate their WBTC collaterals or other crypto holdings for debt repayments. It is noteworthy that those offering the Proposal have admitted that they haven’t done the formal legal due diligence to back it up – to be precise, they even claimed that there’s no point to conduct such due diligence at all.  There have been serious market concerns about the Proposal, including questions over its true motivations and potential gains that the liquidations could generate for MakerDao, such as predatory penalty charges at the expense of users.

Some users may not be aware of the Proposal – given the international nature of the WBTC ecosystem – which would be especially damaging due to the unilateral change in rules on short notice that would force into liquidation a significant amount of WBTC collaterals by MakerDao.

We routinely help our consumer clients to seek injunction orders when they’re facing harm from someone else’s actions. If you think you might be harmed if the Proposal passes, and are interested in taking legal action to try to stop it, we’d like to talk to you.

Our firm’s founders have extensive experience representing consumers in complex, high-tech cases. Attorney Kevin Kneupper spent more than a decade fighting some of the most prominent patent lawsuits in the Eastern District of Texas, helping to win hundreds of millions in verdicts. He clerked for a federal appellate judge and was one of the top students at his law school.

Cyclone Covey has a background in technology that’s unconventional for an attorney. A programmer-turned-lawyer, he’s been a founder of numerous companies himself—and is a veteran of numerous trials and arbitrations. He co-founded AgileLaw, a remote deposition software company—and did it years before COVID hit.

Since its founding the firm has had huge successes in the class action arena, and recently certified a class action under the Racketeer Influenced and Corrupt Organizations act in a $70 million case against a chargeback mitigation company. The firm recently finalized proposed settlements for millions in cases involving overclocking RAM chips and CRM functionality. The firm also represents hundreds of clients at any given time in various technology-oriented cases, from solar panel lawsuits to cases over household consumer products.

If you’re interested in helping to stop this proposal by MakerDAO/Sky, we’d like to talk to you. Fill out this short form below and we’ll get back to you and see if you’d qualify as a client.