Fun

News Feed - 2023-07-26 11:07:18

Helen Partz9 hours agoEOS Foundation to sue Block​.one for alleged failure to honor $1B commitmentPotential plaintiffs in the new lawsuit by ENF may need to opt out of other suits against Block.one to be eligible to participate.1392 Total views13 Total sharesListen to article 0:00NewsJoin us on social networksThe EOS Network Foundation (ENF) is the latest entity to initiate legal action against major investor Block.one (B1) over its alleged failure to honor $1 billion in investment commitments.


On July 25, ESF founder and CEO Yves La Rose took to Twitter to announce that the foundation is preparing a lawsuit against B1 for its “failure to follow through on its $1B commitment.”


The CEO mentioned that Block.one is already working to settle another class-action lawsuit for $22 million after a previously proposed $27.5 million settlement with lead plaintiff Crypto Assets Opportunity was rejected by a U.S. judge.


“You may need to opt out to be eligible to participate in the ENF’s lawsuit,” La Rose noted.


According to La Rose, the class-action lawsuit is still in the process of settling after being initiated back in 2017. The CEO also mentioned that plaintiffs who want to opt out of the lawsuit can contact counsel James Koutoulas.


The current deadline to make a claim or opt out of the class action is Aug. 23, La Rose added, stressing:“If you opt out of the U.S. class action, there is no guarantee that you will be able to make any other claim against Block.one, or that such a claim will be successful.”


La Rose said the EOS community has faced major issues due to what he argued has been the failure of Block.one — which was the creator and original seller of the EOS (EOS) token — to live up to its commitment to invest in the EOS Network and community. He noted that ENF has been actively working with stakeholders to ensure that Block.one is held accountable for its promises.


Related:FTX sues over investments, donations made by charity arm to life sciences companies


This latest announcement comes about two months after La Rose first called for a class-action lawsuit against Block.one in May 2023. Specifically, La Rose accused Block.one of breaking its promises to invest $1 billion from EOS’ initial coin offering (ICO) to EOSIO developers.


“It was broadly understood at the time that B1 was making these commitments that these investments would be made in the EOS Network, [...] and yet B1 has provided minimal real support to EOS Network efforts to develop the network,” La Rose wrote at the time. “B1’s promises during the ICO and after have not been fulfilled,” he added.The #EOS Network remains the most compelling utility token network in the space. Taking steps to hold @B1 to its promises of investment in EOS Network will only improve EOS Network’s position and the long term value that it can bring to its participants.https://t.co/84ZmVmgv8q— Yves La Rose (@BigBeardSamurai) May 20, 2023


As previously reported, Block.one raised $4.1 billion over 12 months in an ICO back in 2018. The ICO became one of the largest crowdfunding rounds at the time.


Block.one didn’t immediately respond to Cointelegraph’s request to comment. This article will be updated if new information becomes available.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M# Blockchain# Law# United States# Court# EOS# RegulationAdd reactionAdd reactionRelated NewsHow to track and report crypto transactions for tax purposesERC-20 inventor discusses origins, new blockchains, BRC-20 and moreUS law protects institutions and exposes retail investors — Rep. TorresCoin Center and Blockchain Association slam ‘unworkable’ US Senate DeFi billRipple CEO Brad Garlinghouse: ‘The SEC created this mess’XRP court ruling marks milestone, but new crypto law could take years

News Feed

Major Australian Baseball League Team Perth Heat to Pay Players in Bitcoin and Hold BTC on Balance Sheet
Major Australian Baseball League Team Perth Heat to Pay Players in Bitcoin and Hold BTC on Balance Sheet One of the most successful baseball teams in Australia, the Perth Heat, is
Derek Andersen2 hours agoUS-based Genesis Global Trading will eliminate its crypto spot trading serviceThe company, an affiliate of Barry Silbert’s Digital Currency Group, has been providing crypto spot trading since 2
Elon Musk Says Holding Bitcoin Is Less Dumb Than Cash, Disputes Peter Schiff’s Claims About Money and BTC
Elon Musk Says Holding Bitcoin Is Less Dumb Than Cash, Disputes Peter Schiff"s Claims About Money and BTC Tesla and Spacex CEO Elon Musk has clarified his positi
Stablecoin Economy Nears $200B, UST Supply Jumps Higher, USDN Spikes 43% in 30 Days
Stablecoin Economy Nears $200B, UST Supply Jumps Higher, USDN Spikes 43% in 30 Days During the last 12 months the stablecoin economy has grown massive and the current valuation tod
Fintech Firm Revolut Pays for Dallas-Based Wework Workspace With Bitcoin
Fintech Firm Revolut Pays for Dallas-Based Wework Workspace With Bitcoin The cryptocurrency-infused financial tech company Revolut has announced it has purchased a Wework office wi
IMF Head Says Central Bank Digital Currencies Are Reliable, Hard to Think of Bitcoin as Money
IMF Head Says Central Bank Digital Currencies Are Reliable, Hard to Think of Bitcoin as Money Digital currencies backed by central banks are the most reliable form of digital money
eToro CEO, Binance Exec Join Justin Sun’s $4.5 Million Buffett Lunch
The highly anticipated crypto power lunch between Warren Buffett and Justin Sun is growing and will now include two new members who promise to enrich the conversation between the two businessmen.
Britain’s public healthcare chief flags rise in crypto trading addiction
Jesse Coghlan6 hours agoBritain’s public healthcare chief flags rise in crypto trading addictionNHS boss Amanda Pritchard called for action, saying specialist clinics are seeing a rise in young people with crypto tradi
Price analysis 11/29: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX
Rakesh Upadhyay5 hours agoPrice analysis 11/29: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAXBitcoin is struggling to sustain above $38,000, but the bulls have not given up much ground, which some analysts say incr
Ezra Reguerra14 hours agoCrypto Thanksgiving: Community hails industry milestones, expresses gratitudeA community member compared crypto to a turkey that takes time to cook and expressed gratitude for the opportunity to
Bitfarms Starts Bitcoin Megafarm Operations in Argentina
Bitfarms Starts Bitcoin Megafarm Operations in Argentina Bitfarms, a global Bitcoin mining company, has started operations in its mining megafarm located in Argentina. The farm, l
US Bitcoin ETFs Hit 9 Days Inflow Streak Despite Price Struggles
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu