EOS Network Foundation reveals plans to pursue a $4.1B lawsuit against Block.one

Time Stamp: February 10, 2022 8:51 AM
Source Node: 1606141

In a new chapter of the EOS community versus creators saga, the EOS Network Foundation’s (ENF) founder and “community-elected CEO” Yves La Rose revealed that they are preparing for a legal “war” against EOS creators Block.one.

According to La Rose, they are reviewing any potential legal action “to seek $4.1B in damages.” Currently, the EOS leader mentioned that a Canadian law firm is working with them to explore what legal action they can take against the original developers of EOS.

In a blog post, the foundation announced that many members of the EOS community are very dissatisfied with Block.one.

“Block.one has not kept its word regarding past promises and that both the community and individual EOS users have been harmed as a result.”

Last year, the foundation announced that they have gone through negotiations with Block.one to find common ground. Both parties engaged in discussions in an attempt to settle the issues in a fair manner. However, ENF notes that Block.one walked away from the negotiations. As a result, the block producers of EOS deemed it necessary to freeze the vesting for future EOS token earnings for Block.one.

Related: New research claims 21 accounts pumped the $4.4B EOS ICO with wash trades

Back in 2018, Block.one conducted an initial coin offering of EOS tokens (EOS), selling 900 million tokens for more than $4 billion, the biggest ICO held during that time. However, since then, many have been disappointed by the direction that the company took.

A few months back, La Rose described EOS as a failure. Citing the market capitalization and the decrease in value, he said that it’s a terrible financial and time investment. He also said that the community lost key developers and turned away from blockchain development and shifted towards asset management.

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