- EOS Network Foundation (ENF) embarks on legal proceedings against Block.one for the alleged violation of a $1 billion investment promise.
- As a part of the case, potential plaintiffs might need to choose between participating in the current lawsuit or an ongoing class-action against Block.one, both in pursuit of securing the alleged unfulfilled commitment.
In a crucial turning point in the blockchain industry, the EOS Network Foundation (ENF) has announced it’s launching a legal assault against blockchain software company, Block.one, for purportedly reneging on a commitment to invest $1 billion in the EOS Network and its community.
ENF Fires Legal Salvo
Yves La Rose, the CEO and Founder of ENF, publicized the pending lawsuit on social media on July 25, arguing that Block.one had failed to fulfil its $1B pledge. Amidst a simmering class-action lawsuit against Block.one initiated back in 2017, which is presently navigating the settlement process, La Rose urged interested parties to consider opting out to be eligible for participation in the new ENF lawsuit.
The #EOS Network remains the most compelling utility token network in the space. Taking steps to hold @B1 to its promises of investment in EOS Network will only improve EOS Network’s position and the long term value that it can bring to its participants.https://t.co/84ZmVmgv8q
— Yves La Rose (@BigBeardSamurai) May 20, 2023
In the complex world of blockchain legalities, the ENF CEO further highlighted that James Koutoulas, a counsel representing plaintiffs, could be contacted by those desiring to opt out of the class action. However, the deadline for such a move has been set for August 23, and La Rose stressed,
“If you opt out of the U.S. class action, there is no guarantee that you will be able to make any other claim against Block.one, or that such a claim will be successful.”
The ENF chief further accused Block.one, the original creator and vendor of the EOS token, of defaulting on its commitment, leading to significant issues within the EOS community. In response, the ENF has been diligently working with stakeholders to ensure Block.one is held accountable for its promises.
This announcement comes in the wake of a call by La Rose for a class-action lawsuit against Block.one in May 2023. Here, La Rose took a firm stance against Block.one, accusing them of breaching its promise to reinvest $1 billion from EOS’ initial coin offering (ICO) back into the EOSIO developers.
Amidst these allegations, Block.one, which raised a staggering $4.1 billion in one of the largest crowdfunded ICOs back in 2018, remained silent. This narrative demonstrates the perils blockchain projects may face when commitments are not met, and the outcome of this legal challenge will undoubtedly be watched with bated breath by the broader cryptocurrency community. The resolution of this case could set a precedent for accountability and commitments within similar blockchain projects in the future.
