Eliza Labs founder Shaw Walters said the ai16z token is "dead. Completely." and that the foundation behind it is winding down, after his side settled a class action brought by Burwick Law by handing over "the rest of the treasury and all the money we had."
"Burwick sued us and we settled with a group of holders for the rest of the treasury and all the money we had," Walters wrote on X on Tuesday evening. "Their claim was ridiculous, but we didn't have the capital to legally fight it so we settled on giving them the rest of what we had."
Walters told remaining holders that nothing is left to support the price. "If you have some, you should either sell or get a cabal to crime it up, but there's no foundation and no supply coming to save you, there's no money for buybacks, it's completely ngmi," he wrote. He said he no longer owns any of the token, that Eliza Labs will keep building the ElizaOS software, and that he is "starting over, since I own the IP, and I am never letting a token come close to Eliza again."
ai16z traded at about $0.000277 on Wednesday, according to CoinGecko, for a market capitalization near $305,000 and 24-hour volume of roughly $4,080. That is about 99.99% below the token's all-time high of $2.47, set on Jan. 1, 2025, when the AI agent project was one of the loudest trades on Solana. ELIZAOS, the token ai16z holders migrated into, changed hands at about $0.000354, down 6.5% on the day, for a circulating market value of about $2.65 million across 7.48 billion tokens out of an 11 billion maximum supply.
