EOS Network Foundation Urges Community to Reject $22 Million Settlement, Vows to Sue Block.one

The ongoing conflict between the former owners and current community of EOS shows no signs of abating.

EOS Network Foundation Urges Community to Reject $22 Million Settlement, Vows to Sue Block.one

In a nutshell, Block.one, the developer of the EOS blockchain, raised $4 billion during the phase known as the "largest ICO in history" from 2017 to 2018.

At that time, EOS was seen as a groundbreaking project, dubbed the "Ethereum Killer," and garnered significant attention from the community.

However, in recent years, Block.one has shown reluctance in developing EOS, shifting focus to various other projects. This has left EOS enthusiasts within the community deeply frustrated. Eventually, the community formed its own representative organization, the EOS Network Foundation (ENF), and began "fighting to reclaim governance."

While Block.one agreed to transfer project development rights back to ENF and the community, they refused to settle the $4 billion raised. This remains the biggest point of contention between Block.one and ENF.

Unable to secure the funds, ENF filed a $4.1 billion lawsuit against Block.one in February 2022. However, Block.one proposed a settlement amount of $22 million.

ENF declared this amount "grossly inadequate" compared to what the EOS community deserves. Therefore, they have released a petition calling on the community to sign, collectively rejecting this proposed settlement.

"The proposed settlement of $22 million is a tiny fraction of the $4 billion that Block.one raised from the community during the ICO, and it pales in comparison to the $1 billion that Block.one promised to reinvest into the EOS network. But they have failed to deliver on those promises."

ENF also emphasized the repercussions if the community were to accept the settlement. By agreeing to take $22 million, the EOS community would forfeit their legal recourse against the former owners of EOS.

"ENF urges community members to reject the settlement agreement. This will send a strong message to both Block.one and the court that the settlement is entirely inadequate and does not fairly compensate community members for the losses they have borne under Block.one's stewardship."

While internal disputes and conflicts persist, the EOS project itself has lagged behind the current market trends. It has seen little in the way of new development updates, and pieces of its ecosystem lack potential. Compared to contemporaries and newer projects, EOS has been left behind for quite some time.

EOS is currently trading around $0.72 USD, with minimal fluctuation over the past 24 hours.

Chart 4h of EOS/USDT pair on Binance at 06:40 PM on 09/08/2023