key takeaways:
- EOS Network Foundation (ENF) accuses Block.one of defaulting on its $1 billion investment commitment, leading to the impending lawsuit.
- Yves La Rose, ENF’s CEO, publicly announced the foundation’s intention to take legal action against Block.one via twitter
The EOS Network Foundation has decided to take legal action against Block.one, the company behind the EOS.IO blockchain platform. The lawsuit, filed in a major court, alleges that Block.one failed to fulfill its commitment to invest $1 billion in the EOS ecosystem.
This development comes at a crucial juncture for the EOS community, raising important questions about accountability, transparency, and the long-term viability of blockchain projects.
The EOS Network Foundation contends that Block.one did not uphold its end of the bargain by failing to deliver the committed investment into the EOS network.
According to documents filed with the court, the EOS Network Foundation asserts that this unmet commitment has hindered the growth and development of the EOS ecosystem, leaving investors and stakeholders disillusioned and questioning the platform’s sustainability.
ESF Founder and CEO, Yves La Rose, recently took to Twitter on July 25 to make a significant announcement. The ESF Foundation is preparing to take legal action against B1, alleging a “failure to follow through on its $1B commitment.”
It is worth noting that Block.one is currently in the process of resolving another class-action lawsuit for $22 million. This comes after a U.S. judge rejected the initial proposed settlement of $27.5 million with the lead plaintiff, Crypto Assets Opportunity.
La Rose emphasized that those interested in participating in the ENF’s lawsuit might need to opt out of the ongoing class-action suit. The class-action lawsuit has been in progress since 2017, and according to the CEO, it is still in the settlement stage.
For plaintiffs who wish to opt out of the class-action lawsuit, they can get in touch with counsel James Koutoulas for further guidance.
This legal development has caught the attention of the crypto community, as it sheds light on the accountability and transparency issues within the blockchain industry.
As both lawsuits progress, their outcomes may have significant implications for the future of blockchain projects and investor trust in the space. Observers will be closely monitoring the proceedings as they unfold.
After a prior proposed $27.5 million settlement with main plaintiff Crypto Assets Opportunity was rejected by a US judge, Block.one is currently attempting to settle another class-action case for $22 million.
According to La Rose, participants in the ENF’s lawsuit may need to opt out in order to be qualified to participate. The class-action complaint, which was filed in 2017, is still being settled, and plaintiffs who want to opt out should contact counsel James Koutoulas.
According to La Rose, the deadline to file a claim or opt out of the class action is August 23. She emphasises that opting out of the U.S. class action does not guarantee eligibility to file other claims against Block.one, nor does it guarantee success if such claims are pursued.
