The EOS Network Foundation is calling on the community to reject the $22 mln settlement offered by Block.one

The EOS Network Foundation (ENF), an organization representing the EOS community, has released a recommendation and opt-out form urging community members to reject the $22 mln settlement presented by Block.one. This settlement is linked to an ongoing class action lawsuit between former EOS investors and plaintiffs, Chase Williams and William Zhang, and Block.one. ENF stated that the settlement amount proposed by Block.one significantly understates what is rightfully owed to the EOS community.

Block.one first gained significant attention when it raised a staggering $4 bln to develop the EOS blockchain during its Initial Coin Offering (ICO) between 2017 and 2018. According to ENF, the company has committed to reinvest $1 bln in the EOS network ecosystem. That commitment, the fund claims, remains largely unfulfilled.

The ENF highlighted the possible implications of a $22 mln settlement decision. Under the terms of the settlement, community members who participate are forfeited any future claims against Block.one and its founders in exchange for a $22 mln payout, the release said. The Foundation also warned that approving these terms could prevent community members from taking further legal action or seeking a better solution in the future.

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