EOS Network Foundation Plans to File a $1B Lawsuit Against Block.one

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The EOS Network Foundation (ENF) is attempting to seek recovery of its claimed $1 billion from Block.one due to the firm’s “failure to fulfill investment obligations” for the amount.

The ENF CEO, Yves La Rose, has announced preparation of a class-action lawsuit against Block.one. It has been reported that the firm is working towards a settlement amount of $22 million for a group claim, while rejecting a previous agreement of $27.5 million to be paid in return for withdrawal of the case.

Additionally, those involved with the earlier claim against Block.one will have to resign in order to become a part of the new lawsuit proceedings.

In May, La Rose stated that the firm had secured a total of $4.2 billion during its ICO of 2018, and had promised to invest $1 billion in the development of the EOS network, although this support was reportedly found to be minimal.

Subsequently, in December 2021, the EOS community decided to discontinue funds to Block.one due to its alleged lack of support towards the project. Reports of possible manipulation during the ICO conducted by Block.one have also come to light.