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

Published at: Feb. 10, 2022

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.

As Founder of @EosNFoundation I share your frustrations! We are taking further steps to hold @B1 accountable for its past actions and broken promises against #EOS. Review of ALL possible legal recourse to seek $4.1B in damages underway. Let's do this together! #4BillionDAO coming

— Yves La Rose (@BigBeardSamurai) February 10, 2022

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.

Tags
Altcoin
Law
Foundation
Court
Eos
Related Posts
Former Bitcoin.com CEO sues oracle over 37.5M allegedly unpaid tokens
Mate Tokay, Bitcoin.com’s former CEO, is taking legal action against a small-cap crypto he advised for reportedly failing to pay him 37.5 million Bridge Token (BRG) worth $525,000. Tokay claimed that he was never paid for his services, despite the project using his name for recognition to attract investment for Bridge's $8 million initial exchange offering three months ago. He added that Bridge’s founder, Sina Estavi, offered to compensate Tokay with “a far lower sum” than what was agreed in their contract, adding that other advisors have allegedly received similar treatment. At current prices, the reportedly promised stash of 37.5 …
Altcoin / Jan. 5, 2021
Former Kraken Employee Sues Exchange for ‘Unethical and Illegal Business Tactics’
A former employee of United States-based cryptocurrency exchange Kraken initiated legal proceedings against the company in connection with a breach of contract and sanctions violations, among other issues. Per a court document filed on Nov. 26, Nathan Peter Runyon — a marine wartime veteran and ex-employee of Kraken, where he served as a financial analyst under the exchange’s chief financial officer Kaiser Ng — brought the case to court accusing the company and Ng of an array of legal violations and falsifications. A range of accusations Specifically, Runyon accused Kraken of unethical and illegal business tactics, defrauding employees over their …
United States / Dec. 18, 2019
US Court Temporarily Freezes $8M in Response to SEC Request Yesterday
A United States District Court has entered an emergency freeze to preserve $8 million of a New York citizen and two of his entities’ related assets following the U.S. Securities and Exchange Commission (SEC) complaint filed on Aug. 12. Per the SEC's announcement published on Aug. 13, the court ordered the temporary freeze of at least $8 million of the $14.8 million raised by the defendants. The sum was reportedly raised by Reginald Middleton and two entities under his management, Veritaseum, Inc. and Veritaseum, LLC, in 2017 and 2018 by conducting an allegedly fraudulent and unregistered initial coin offering. The …
United States / Aug. 13, 2019
Investors increasingly confident of Ripple's victory over SEC: CoinShares
Recent developments in the Ripple vs Securities and Exchange Commission (SEC) case appear to have bolstered investor confidence in XRP-tied investment products, according to investment data from CoinShares’ head of research James Butterfill. In its latest Digital Asset Fund Flows published on Nov. 7, Butterfill noted that XRP investment products have seen a third consecutive week of institutional inflows, clocking $1.1 million. Butterfill said the figures imply "improving investor confidence as the SEC case against Ripple looks increasingly fragile." The last few weeks have seen Ripple Labs gaining increasing support from heavy hitters in the crypto industry including Coinbase and …
Sec / Nov. 8, 2022
Daring drive-by at SBF’s: 3 men drove into barricade and fled: Lawyers
Three men reportedly drove their car into the metal barricade outside Sam Bankman-Fried’s parent’s home where he is currently under house arrest, SBF’s lawyers claim. In a filing to the federal court, the lawyers for the former FTX CEO said the three men got out of the car after hitting the barricade and told a security guard guarding the home: “You won’t be able to stop us.” The unidentified trio were then able to drive away before security guards could record the car’s license plate. According to a Reuters report, the incident was described in a Jan. 19 court filing …
Blockchain / Jan. 20, 2023