Block.one Faces Lawsuit from EOS Network Foundation

Block.one, a significant investor in the blockchain industry, is now under fire from the EOS Network Foundation (ENF) for purportedly defaulting on its $1 billion investment commitment.

ENF's CEO, Yves La Rose, recently announced the foundation's preparation to file a lawsuit against Block.one, adding to the growing list of legal actions the latter faces.

In a July 25 Twitter thread, La Rose informed that Block.one is already negotiating a settlement for another class-action lawsuit, with a proposed amount of $22 million. The firm had previously tried to settle at $27.5 million with the lead plaintiff, Crypto Assets Opportunity, but a U.S. judge turned it down.

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

Plaintiffs considering opting out of the class-action suit, which was initiated in 2017 and is currently in settlement process, have been advised to contact counsel James Koutoulas. The deadline to claim or opt out is set for Aug. 23, as stated by La Rose. He emphasized, however, that opting out doesn't guarantee a successful claim against Block.one in any other lawsuit.

La Rose alleges that Block.one's inability to fulfill its commitment to the EOS Network and community has resulted in significant challenges for the . ENF, in response, has reportedly been actively collaborating with stakeholders to ensure Block.one is held accountable for its promises.

These allegations aren't entirely new. In May 2023, La Rose first raised the call for a class-action lawsuit against Block.one, accusing it of breaching its commitment to channel $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, [...

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