EOS community to sue parent Block.one for $4.1 billion as row escalates

• The EOS Network Foundation is weighing its legal options as it seeks to embark on a lawsuit against Block.one, seeking $4.1 billion in damages from the parent firm.
• The Foundation has enlisted the services of a Canadian law firm to investigate Block.one’s pledges to the EOS community and whether it has failed to keep them.

EOS could soon be at the heart of one of the biggest lawsuits in crypto history, with the two leading factions set to go to war. The EOS Network Foundation (ENF) has revealed that it’s weighing its legal options as it seeks to sue Block.one for $4.1 billion for failing to keep its pledges to the EOS community.

ENF was founded to “coordinate financial and non-financial support to encourage the growth and development of the EOS Network.” Led by CEO Yves La Rose, the Foundation has been at odds with Block.one for several months now, accusing the EOS parent company of neglecting the network and failing to keep the pledges it made to EOS investors.

Now, Yves has announced that he’s taking the conflict to court. On Twitter, he shared his frustration with Block.one and pledged to make them accountable for their wrongs.

We are taking further steps to hold [Block 1] accountable for its past actions and broken promises against EOS. Review of ALL possible legal recourse to seek $4.1B in damages underway.

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

“You want war, we’ll give you war”

The conflict between Block.one and ENF has been public for some time now. But as Yves revealed in an accompanying blog post, he has tried to solve the matter amicably to no avail. In November and December last year, the Foundation tried to “arrange a fair and reasonable resolution with Block.one that would position the EOS community for future success.”

However, Block.one refused to play along, forcing Yves to rely on the judicial system, he said.

Unfortunately Block.one decided to walk away from the negotiations and as a result the EOS Block Producers determined it was in the best interest of the community to freeze the vesting of all the EOS tokens that Block.one was to earn in the future.

Yves revealed that ENF has retained a leading Canadian law firm to investigate “Block.one’s past actions and promises vis-à-vis the EOS community and EOS investors to determine what legal avenues are available to seek redress.”

ENF wants to sue the parent firm for $4.1 billion, the amount that it raised in what is the biggest initial coin offering (ICO) of all time.

At press time, EOS is trading at $2.58, down 3.8 percent in the past day for a market cap of $2.5 billion. This makes it the 48th-biggest crypto, a far cry from its heydays when it was a top ten contender.

Also Read: The EOS community appoints ENF and Dan Larimer as propagators of the network’s technical development