The nonprofit EOS Network Foundation (ENF) intends to file a $1 billion lawsuit against Block.one, the company behind the EOS blockchain project.
According to ENF CEO Yves La Rose, the organization is preparing a collective action against the firm for “non-fulfilment of investment commitments” on the specified amount.
La Rose noted that Block.one добивается settlement of another class action through the payment of $22 million. Prior to that, the company rejected an agreed settlement with investors to withdraw the suit for $27.5 million.
La Rose also warned that participants in the previous round of claims against Block.one would have to relinquish their prior demands to be eligible for potential payouts under the new suit.
In May, the ENF CEO recalled that the company had promised to invest $1 billion of the $4.2 billion raised in the ICO in 2018.
“When the company undertook these investment commitments, it was widely known …, but it provided minimal real support for the development of the EOS network,” he wrote at the time.
In December 2021, the EOS community decided to halt regular payments to Block.one, saying that it no longer acted in the project’s interests.
Earlier, experts found signs of manipulation in the ICO conducted by the company.