This is bs. how can you assume that premining a token means that the purchasers can expect profit from the effort of the team
the only thing you can say is that the result says they retained hundreds of millions which if thats a large %, you can argue that then the purchasers are relying on a central entity to increase profits
the circulating supply is only 600M LBC
they said they retain hundreds of millions for themselves. assuming thats >=200M, then they retain >=30% of the supply and thus would make sense that the token isn't really decentralized by any means, coupled with the fact that its the team retaining the tokens which are the ones building, not some random group, so it would make sense that violate the howey test
also its a PoW chain, so i wonder how decentralized their chain is in terms of the nodes and who owns them, but the judge doesnt even reference that, only the tokens
but the result from the judge doesn't seem comprehensive