The EOS Network Foundation (ENF) is leading the charge to hold Block.one accountable for its unfulfilled commitment to invest $1 billion in the EOS Network and community. The ENF, created to promote the interests of the EOS Network and community, has been engaging with stakeholders to ensure Block.one is held accountable for its promises.
Yves La Rose, Founder and CEO of the EOS Network Foundation, has outlined three potential avenues for community members to participate in these efforts:
- A class action lawsuit against Block.one in the United States, which is currently in the process of settling. Those interested in making a claim or opting out of the U.S. class action can contact the plaintiffs’ counsel, James Koutoulas.
- Nemesis Venture Capital is pursuing a settlement with Block.one on behalf of community members not participating in the U.S. class action. Those interested in this approach may need to opt out of the U.S. class action.
- The ENF is exploring a possible claim against Block.one that would be filed in the Cayman Islands. Those interested in this potential claim may need to opt out of the U.S. class action.
La Rose emphasizes that the proposed settlement of the U.S. class action lawsuit purports to release Block.one from all claims made against them unless individuals opt out of the settlement. He advises community members to consult their own legal counsel to determine the best course of action.
Here’s a brief timeline of the events leading up to the current situation:
EOS began in June 2018 with great fanfare, an active community, and strong tech. Block.one, the company behind EOS, raised an astonishing $4.1 billion over 12 months. However, the community waited for the promises to be fulfilled, but development dried up, and the community often felt left out.
In 2021, the community started fighting back with the formation of the EOS Network Foundation. Yves La Rose, CEO of EOS Nation, an original block producer, stepped into the fray. La Rose resigned from EOS Nation to form the EOS Network Foundation (ENF) in August 2021. He began planning and talking to the other block producers about what they wanted and what the newly formed ENF would look like.
In June 2021, La Rose stepped down from EOS Nation. He began planning and talking to the other block producers about what they wanted and what the newly formed ENF would look like.
In September 2022, they hard-forked, marking what they call “EOS independence.”
The EOS Network Foundation (ENF) was officially established to advocate for the interests of the EOS Network and community. Under the leadership of Yves La Rose, the ENF began to strategize on how to hold Block.one accountable for its unmet promises. This led to the current situation where multiple avenues for legal recourse are being explored and pursued.