The EOS Network Foundation (ENF) has announced that it will be taking legal action against major investor Block.one (B1) for not fulfilling its $1 billion investment commitments. The ENF founder and CEO, Yves La Rose, took to Twitter to announce the lawsuit, stating that Block.one has failed to follow through on its commitment. This comes as Block.one is already in the process of settling another class action lawsuit for $22 million.
The class action lawsuit against Block.one was initially initiated in 2017 and is still in the process of being settled. La Rose mentioned that plaintiffs who wish to opt out of the lawsuit can contact counsel James Koutoulas. However, he emphasized that there is no guarantee of success or the ability to make any other claim against Block.one for those who choose to opt out.
The failure of Block.one to fulfill its investment commitments has had a significant impact on the EOS community. As the creator and original seller of the EOS token, Block.one’s promises to invest in the EOS Network and community have been left unfulfilled. The ENF has been actively working with stakeholders to hold Block.one accountable for its commitments.
This latest announcement by the ENF CEO comes after he called for a class action against Block.one in May 2023. La Rose specifically accused Block.one of not living up to its promises to invest $1 billion from EOS’ initial coin offering (ICO) process in EOSIO developers. He stated that Block.one has provided minimal support to the EOS Network’s efforts to develop the network.
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Block.one initially raised $4.1 billion through its ICO in 2018, making it one of the largest crowdfunding rounds at the time. However, it seems that the company has not fulfilled its investment commitments, leading to legal action from the ENF.
At the time of writing, Block.one has not responded to requests for comment on the lawsuit. It remains to be seen how the legal action will unfold and what the consequences will be for Block.one.
In conclusion, the EOS Network Foundation is taking legal action against Block.one for not fulfilling its $1 billion investment commitments. The failure of Block.one to live up to its promises has had a significant impact on the EOS community. The ENF is determined to hold Block.one accountable and ensure that it fulfills its commitments to the EOS Network and community. As the legal proceedings unfold, it will be interesting to see how this case develops and what the outcome will be for both parties involved.
