blockchainreporter.net
In a significant development within the cryptocurrency space, the EOS Network Foundation (ENF) has announced its intention to pursue legal action against Block.one, the creator and original seller of the ERC-20 token, over its alleged failure to uphold a $1 billion commitment to the EOS Network and its community.
The decision to file a lawsuit comes after ENF’s extensive efforts to engage with stakeholders and ensure that Block.one is held accountable for its promises. In a public letter penned by Yves La Rose, the Founder and CEO of ENF, the organization outlined three distinct ways through which community members can partake in the efforts to address Block.one’s alleged non-compliance.
IMPORTANT UPDATE ON THE LAWSUIT AGAINST @B1
— Yves La Rose (@BigBeardSamurai) July 26, 2023
➡️ The ENF is preparing a suit against B1 for failure to follow through on its $1B commitment
➡️ B1 is attempting to settle a separate lawsuit for $22M. You may need to opt out to be eligible to participate in the ENF’s lawsuit pic.twitter.com/uMnUVyRu4M
ENF Explores Legal Avenues
Notably, a class-action lawsuit has already been initiated against Block.one in the United States. As the lawsuit is currently in the process of settling, the plaintiffs, in this case, are represented by James Koutoulas. Community members who wish to make a claim or opt out of the US class action can contact James Koutoulas at james@koutoulaslaw.com. It is imperative to be aware that the deadline for making a claim or opting out of this lawsuit is August 23, 2023. Those who fail to opt-out may be considered part of the settlement, potentially releasing any claims they have against Block.one.
In addition, the public letter states that Nemesis Venture Capital has expressed interest in pursuing a settlement with Block.one on behalf of community members who are not participating in the US class action. However, individuals interested in participating in this approach must first opt out of the US class action. Yves La Rose further added in the public letter that ENF is currently exploring the possibility of filing a claim against Block.one in the Cayman Islands. To participate in this potential claim, community members might also need to opt out of the US class action.
ENF emphasizes that participation in any of the aforementioned options does not guarantee a monetary award from Block.one. It is vital for concerned individuals to carefully evaluate their options and seek advice from their legal counsel to determine the best course of action for protecting their rights against Block.one.
Yves La Rose reiterates ENF’s dedication to promoting the interests of the EOS Network and its community. The foundation is providing this information solely for awareness purposes and is not offering advice on the preferred course of action. As the situation unfolds, ENF encourages community members to stay informed about updates by reaching out to legal@eosnetwork.com.
The dispute between ENF and Block.one underscores the challenges faced by blockchain projects when commitments are not met. The outcome of this legal battle will be closely watched by the cryptocurrency community, as it may have broader implications for blockchain project accountability. The crypto industry awaits the resolution of this landmark case to gain insights into the future dynamics of similar projects and commitments.