EOS Network Foundation is preparing to sue Block.one for its "failure to fulfill the $1 billion investment commitment."

Odaily News: Yves La Rose, founder and CEO of the EOS Network Foundation (ENF), announced on Twitter that ENF is preparing to sue major investor Block.one (B1) for "failing to fulfill a $1 billion investment commitment."



La Rose stated that Block.one is attempting to settle another class-action lawsuit for $22 million, after rejecting a proposed $27.5 million settlement with the main plaintiff, Crypto Assets Opportunity.



According to La Rose, the class-action lawsuit in the United States, which was filed in 2017, is still in the process of being resolved. To join the latest lawsuit initiated by ENF, individuals need to first withdraw from the existing lawsuit.



La Rose added that the deadline for filing claims or choosing to withdraw from the class-action lawsuit in the United States is August 23, 2023. (Cointelegraph)



Previously, on May 21, founder and CEO of the EOS Network Foundation, Yves La Rose, released an open letter aiming to take action to compel Block.one (B1) to fulfill its investment commitment to the EOS Network (in 2018, Block.one committed to investing $1 billion in the EOS Network).



The letter mentions two possible options. Option one is to take legal action against Block.one for failing to fulfill the investment commitment. If enough token holders are interested in filing legal claims, the EOS Foundation is prepared to assist in bringing together EOS holders to file a claim against Block.one. Option two is a hard fork, where block producers may consider a hard fork to exclude tokens owned by Block.one, including its affiliated cryptocurrency exchange, Bullish, for token trading purposes.