Shin

BACKGROUND

26 A. The ICON Network 27 A digital currency, often referred to as “cryptocurrency,” is maintained by a decentralized network of participant’s computers instead of a centralized bank, government, or organization. See Second Amended Complaint (“SAC”) [Dkt. No. 58] ¶ 26. Anyone can join his or her computer to the network the currency uses by installing and running software that allows the computer to communicate with the network and, consequently, interact with the digital currency that network uses. Transactions on that network between participants get recorded on a “blockchain,” which serves as a public database of digital currency transactions. Id. ¶ 21. The Network describes itself as a “next generation blockchain protocol” for “decentralized applications.” ICON’s First Amended Counterclaim [Dkt. No. 100] ¶¶ 8, 10. It hosts a “delegated proof of stake” blockchain which allows for the creation of a cryptocurrency called ICX. Declaration of Min Kim (“Kim Decl.”) [Dkt. No. 174] ¶ 7. Since 2018, the Network has been governed by a body of “at least twenty-two . . . independent representatives,” ICON being one. …