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EOS Foundation suing Block.one for $1 billion commitment breach

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EOS Foundation suing Block.one for $1 billion commitment breach

The EOS Network Foundation (ENF) is taking legal action against Block.one (B1), the original team who raised $4 billion in a year-long initial coin offering (ICO) for developing the EOS.io blockchain.

In a tweet on July 5, the CEO of the ENF, Yves La Rose alleges that B1 didn’t fulfill its $1 billion investment commitments.

EOS Foundation suing B1

In the legal update, ENF highlights its challenge with B1, asserting that the company had failed to fulfill its commitment to a $1 billion investment for building and expanding the EOS Network ecosystem.

ENF is a not-for-profit organization that is responsible for the growth and development of the EOS Network. 

In May 2023, Yves La Rose posted on Twitter, proposing that the ENF would support a legal claim if enough EOS holders desired to do so. 

The intended legal action will differ from the previous lawsuit against B1 or their ICO. This time, the focus is on the company’s inability to commit to investing in the EOS ecosystem.

Yves points out that EOS holders trusted B1’s promises when they invested in the coin until Sep. 2021. 

Therefore, B1 should honor its commitment to invest and build the EOS ecosystem. The CEO additionally proposed a hard fork to disconnect EOS and B1. Though this may reduce EOS’ total supply, coin prices could increase. 

On July 25, Yves brought up the topic again and shared that ENF is filing a lawsuit against B1 for not fulfilling the $1 billion promise. 

The document outlines three options for community members to join the class action lawsuit in the United States, which is currently in the process of settling.

It is also noted that James Koutoulas is representing the plaintiffs in this case, and those who wish to make a claim or opt out of the class action can contact him before Aug. 23, 2023.

Addressing regulatory arbitrage

At the same time, the CEO has also quoted that they are facing difficulties due to regulatory arbitrage. 

Although the EOS Foundation initially had an office in Canada, a July 12 Tweet highlights that this has since relocated to Hong Kong, a city-state forging regulations as they plan to be a crypto hub in the coming year.