Fun

News Feed - 2023-07-27 10:07:32

Helen Partz10 hours agoBlock.one ICO damages ‘far beyond’ $22M, ENF founder saysBlock.one owes much more to EOS investors than just $22 million after the $4-billion ICO, EOS Network Foundation CEO Yves La Rose believes.2064 Total views24 Total sharesListen to article 0:00ExclusiveJoin us on social networksThe latest legal action against Block.one (B1), the creator and original seller of EOS (EOS), could potentially help plaintiffs get higher compensation, according to EOS Network Foundation (ENF) founder and CEO Yves La Rose.


On July 25, La Rose officially announced that ENF is preparing a lawsuit against Block.one for its failure to follow through on its $1-billion following its $4.1-billion raise in 2018.


The CEO argued that Block.one’s broken promises to invest $1 billion caused major issues for the EOS community and promised to hold the firm accountable.


As many investors have already been part of another class action against Block.one, a number of those might need to opt out of their current lawsuits, La Rose said.


“They would do that if they aren’t satisfied with the current settlement offer and believe their interests are better suited by opting out, which is a common practice,” the ENF founder told Cointelegraph.


La Rose added that opting out of an old class lawsuit could result in “obtaining a higher payout,” but it could also result in receiving nothing.


“There are no guarantees, which is why this is a personal choice they need to make,” the ENF founder noted, reiterating that the firm recommends any person consult their own legal counsel to determine which path is best for them.


La Rose also emphasized that the amount of settlement in the current class action might not be enough for those who were affected. He stated:“Not everyone is covered in the current class, and so this new contemplated action also widens the pool of potential participants. Also, the measly $22 million that Block.one offered is pathetic. The damages caused on a $4-billion raise are far beyond what is being offered in reparations.”


Block.one’s EOS initial coin offering (ICO) became one of the largest crowdfunding raises in history, raising as much as $4.1 billion by June 2018 and outstripping Telegram’s $1.7 billion ICO.


By the end of its year-long crowdsale, EOS was trading at around $12, or around 44% down from its peak price recorded in April 2018. The cryptocurrency then experienced a couple of ups and downs, eventually plummeting all the way down below $1. At the time of writing, EOS is trading at $0.74, down roughly 30% over the past year.


Related:Sam Bankman-Fried to have campaign donation charge dropped: Prosecutors


Despite a massive decline, EOS is still one of the biggest cryptocurrencies by market capitalization, which amounts to $827 million at the time of writing. That makes the EOS cryptocurrency the 54th largest coin by market value, according to CoinGecko.EOS all-time price chart. Source: CoinGecko


In 2019, Block.one agreed to pay a $24-million civil fine to settle with the United States Securities and Exchange Commission over charges that it held an unregistered ICO. A few months later, disgruntled investors started a class-action lawsuit against Block.one, arguing that the firm deceived tokenholders about its financial history, operations and budget, as well as executive compensation, material trends, risk factors and others.


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


Magazine:Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift# Altcoin# Law# Court# ICO# EOS# RegulationAdd reactionAdd reactionRelated NewsWhat are NFT royalties, and how do they work?Existential threat? Why some banks are anxious about CBDCsERC-20 inventor discusses origins, new blockchains, BRC-20 and moreRipple case: SEC appeal unlikely as agency gains from ‘current confusion’ — Haun Ventures CEORipple CEO Brad Garlinghouse: ‘The SEC created this mess’FTX’s Bankman-Fried seeks gag order for all witnesses in criminal case

News Feed

Solana prevents potential outage, patches critical vulnerability
Ezra Reguerra1 hour agoSolana prevents potential outage, patches critical vulnerabilitySolana validator Laine said that an attacker could have attempted to reverse engineer the vulnerability, which could have halted the
STEPN’s GMT Token Supported by Alchemy Pay for Real-World Spending
STEPN’s GMT Token Supported by Alchemy Pay for Real-World Spending press release PRESS RELEASE.The leading fiat-crypto payment solutions provider, Alchemy Pay (ACH) and the web3 a
Ray Salmond3 hours agoCrypto traders are looking at Dogecoin (DOGE) again — Here’s whyDOGE flashes a rarely seen technical signal that has historically been followed by a parabolic rally.1330 Total views4 Total share
Dogecoin Bollinger Bands Squeezes Tighter Than It Was Before 2021 Rally, What This Means
Este artículo también está disponible en español. Dogecoin has had quite an eventful few daysin terms of price action, trading volume, trading activity, and interest amon
Rich Dad Poor Dad’s Robert Kiyosaki Thinks Bitcoin Could Bottom Out at $9K — Reveals Why He Remains Bullish
Rich Dad Poor Dad"s Robert Kiyosaki Thinks Bitcoin Could Bottom Out at $9K — Reveals Why He Remains Bullish The famous author of the best-selling book Rich Dad Poor Dad, Robert K
BTC Reaches a Whopping $40,000, Industry Exec Says ‘Bitcoin Rises in the Eye of a Perfect Storm’
BTC Reaches a Whopping $40,000, Industry Exec Says "Bitcoin Rises in the Eye of a Perfect Storm" The price of bitcoin has astonished the masses once again surpas
Gary Gensler: SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry
Gary Gensler: SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional
Bitcoin Hashrate Nears All-Time High Captured in May — BTC Mining Rigs Produced in 2016 Still Profitable
Bitcoin Hashrate Nears All-Time High Captured in May — BTC Mining Rigs Produced in 2016 Still Profitable While bitcoin’s value has remained well above the $60K range, the
Bitcoin, Ethereum Technical Analysis: BTC Below $17,000, as ETH Nears $1,200 Breakout
Bitcoin, Ethereum Technical Analysis: BTC Below $17,000, as ETH Nears $1,200 Breakout Bitcoin fell below $17,000 on Dec. 16, as bearish pressure continued to intensify following ye
Nigerian Central Bank Increases Cash Withdrawal Limits After Receiving ‘Feedback From Stakeholders’
Nigerian Central Bank Increases Cash Withdrawal Limits After Receiving "Feedback From Stakeholders" Barely a month after announcing the restricting of cash withdrawals to under $50
Cryptocurrency Payment Gateway Gocrypto Onboards 1,000 Locations Worldwide
Cryptocurrency Payment Gateway Gocrypto Onboards 1,000 Locations Worldwide On February 28, Gocrypto CEO Dejan Roljic revealed the payment gateway has officially onboarded 1,000 m
Omnity rolls out integration for no-fee Runes trading
Ana Paula Pereira10 hours agoOmnity rolls out integration for no-fee Runes tradingThe Omnity protocol is launching an integration for trading of Runes tokens without gas or transaction fees.1289 Total views12 Total share