The EOS Network Foundation, a non-profit organisation, intends to seek $4.1 billion from Block.one, which launched the EOS project.
As Founder of @EosNFoundation I share your frustrations! We are taking further steps to hold @B1 accountable for its past actions and broken promises against #EOS. Review of ALL possible legal recourse to seek $4.1B in damages underway. Let’s do this together! #4BillionDAO coming
— Yves La Rose (@BigBeardSamurai) February 10, 2022
“We are taking further steps to hold Block.one to account for its past actions and unmet promises regarding EOS. All available legal avenues are being considered to secure $4.1 billion in damages. Let’s do this together! The #4BillionDAO is coming,” wrote Yves La Rose, the head of the EOS Network Foundation.
In a blog post, the EOS Network Foundation says it is working with an unnamed Canadian law firm “to investigate Block.one’s past activity” and to determine “available legal remedies.”
In 2018 Block.one raised $4.2 billion in an ICO.
For backing the project, Block.one was due to pay 100 million EOS (about 10% of the issuance) over ten years. According to the EOS Network Foundation, in the following years the community grew disillusioned with Block.one’s commitment to the blockchain in terms of real-world use cases.
Block.one launched the social network Voice, but it turned out not to run on EOS, as did the later Bullish bitcoin exchange.
In August 2021, EOS participants and block producers formed the EOS Network Foundation. It was led by La Rose, who previously led the block producer EOS Nation.
In a keynote address he said that Block.one had let EOS down and that a new path for the project’s future direction must be found.
The organisation sought Block.one to transfer the IP rights to EOS. Instead Block.one promised to allocate 30 million EOS to the EOS Network Foundation.
In December the EOS community decided to halt regular payments to Block.one, saying it no longer acted in the network’s interests.
The vote halted the release of 67 million EOS tokens (about $234.5 million), which were due to be distributed over the next six to seven years. The move also affected Brock Pierce, co‑founder of Tether and Block.one.
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