EOS Network Foundationโs founder stated the other option is a hard fork to exclude EOS cryptoย tokens held by B1
EOS Network participants should consider taking legal action against major investor Block.one (B1) for โbroken promisesโ over its financing in the ecologicalย system, reportsย by the founder of the EOS Network Foundation.
Yves La Rose stated legal action is one of two possible ways to hold B1 to account for not investing the $1 Billion it promised during the networkโs initial coin offering (ICO) in January 2018. The other option is a hard fork to exclude EOS cryptoย tokens held by B1 to fully disassociate itself from its previous backer.
โ Becauseย ofย B1โs broken promises, the EOS Network is under-capitalized and the development of the EOS Network has been significantly stunted,โ La Rose wrote in a letter dated May 20.
EOS cryptoย token holders purchased their cryptoย tokens โrelying on representations of ongoing financing in the EOS ecosystem,โ which never came leading one to conclusion that B1 never intended to make the promised investments, reportsย by La Rose.
โIf enough cryptoย token holders are interested in making a legal claim, a class action lawsuit is a possibility. The EOS Network Foundation is prepared toย help in bringing EOS cryptoย token holders together for the purpose of advancing a claim against B1,โ he wrote.
The EOS cryptoย token is asย ofย now currentlyย worth $0.85 having slumped by 32 percent since April 14, it dropped by a further 2.5 percent over the past-24 hours, reportsย by TradingView data.
EOS raised $4.1 Billion in its ICO in 2018 but dropped short of expectations, with community members blaming B1 for shifting its interests and financialย resources to cryptocurrency exchange Bullish, which it unveiled in May 2021. The Foundation 1st muted legal action in February 2022 to seek $4.1 Billion in damages.
B1 did not instantly respond to CoinDeskโs request for comment.
Oliver Knight.
