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EOS Foundation to sue Block.one on failure to honor $1B commitment

e42776b1-6b1c-4bf2-a137-c4f7ea8a5919.jpg

Potential plaintiffs in the new lawsuit by ENF may need to opt out of other suits against Block.one to be eligible to participate.

The EOS Network Foundation (ENF) is the latest entity to initiate legal action against major investor Block.one (B1) over failure to honor $1 billion investment commitments.

On July 25, ESN founder and CEO Yves La Rose took to Twitter to announce that the ESN is preparing a lawsuit against B1 for “failure to follow through on its $1B commitment.”

The CEO mentioned that Block.one is already working to settle another class action lawsuit for $22 million, after rejection of a proposed $27.5 million settlement with lead plaintiff Crypto Assets Opportunity.

“You may need to opt out to be eligible to participate in the ENF’s lawsuit,” he noted.

According to La Rose, the United States’ class action lawsuit is still in the process of settling after being initiated back in 2017. The CEO also mentioned that plaintiffs who want to opt out of the lawsuit can contact counsel James Koutoulas.

The current deadline to make a claim or opt out of the U.S. class action is August 23, 2023, La Rose added, stressing:

“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 EOS community has faced major issues due to the failure of Block.one, as the creator and original seller of the EOS token, to live up to its commitment to invest in the EOS Network and community, La Rose wrote. He noted that ENF has been actively working with stakeholders to ensure that Block.one is held to account for its promises.

Related: FTX sues over investments, donations made by charity arm to life sciences companies

The latest announcement by ESN CEO comes about two months after he first called for a class action against Block.one in May 2023. La Rose specifically accused Block.one of breaking its promises to invest $1 billion from EOS’ initial coin offering (ICO) process to EOSIO developers.

“It was broadly understood at the time that B1 was making these commitments that these investments would be made in the EOS Network [...] and yet B1 has provided minimal real support to EOS Network efforts to develop the network,” La Rose wrote then. “B1’s promises during the ICO and after have not been fulfilled,” he added.

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

As previously reported, Block.one, the company behind EOS, raised $4.1 billion over 12 months in an ICO back in 2018. The ICO became one of the largest crowdfunding rounds at the time.

Block.one didn’t immediately respond to Cointelegraph’s request to comment. This article will be updated pending new information.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M

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