With the approaching deadline to decide whether to decline the existing $22 million settlement with Block.one (B1), the company responsible for the initial $4 billion ICO of EOS in 2018, the EOS Network Foundation (ENF) has advised its members to thoughtfully assess their choices.
The ENF contends that the current settlement might not adequately recompense community members for their losses arising from B1’s alleged “misrepresentations and wrongful actions.”
A minute fraction for reimbursement
As of August 8, the ENF highlighted that B1 had only disbursed $22 million out of the $4 billion raised, which encompassed an undelivered commitment of $1 billion for the EOS Network and its community.
The ENF clarifies that those who accept the settlement could be barred from pursuing future legal recourse against B1 and its founders.
Opponents argue that the sum of $22 million is insufficient for B1 to evade accountability. The ENF calls for caution and recommends that community members abstain from accepting the settlement to express dissatisfaction with the proposal.
The opt-out period concludes on August 29, 2023, and failure to opt-out could lead to automatic inclusion in the class.
EOS initiates legal measures
On July 25th, ENF’s founder and CEO Yves La Rose announced on X (formerly Twitter) that they would take legal action against B1 for not upholding its $1 billion commitment.
La Rose also highlighted that B1 is facing a distinct class-action lawsuit seeking $22 million. The ENF CEO underscored that the EOS community has encountered substantial challenges due to what they contend is B1’s failure to meet its obligations.