EOS Community Urged to Reject $22 Million Settlement Offer by Block.one

EOS Community Urged to Reject $22 Million Settlement Offer by Block.one

EOS Network Foundation Advises Community

The EOS Network Foundation (ENF), which represents the needs of the EOS community, has come out strongly against Block.one‘s most recent settlement proposal. The foundation is actively advising its community members to refrain from accepting the $22 million settlement, citing that the amount offered is grossly inadequate when compared to the EOS community’s legitimate claims.

Dispute Over Settlement Offer

The dispute revolves around a lawsuit involving former investors in EOS and Block.one. The EOS Network Foundation has expressed its dissatisfaction with the proposed settlement, asserting that it falls significantly short of what the EOS community is rightfully entitled to receive.

Inadequate Proposed Settlement

The ENF’s official statement asserts, “The proposed settlement amount of $22 million represents a tiny fraction of the $4 billion that Block.one raised from the community in its ICO sale and the $1 billion that Block.one promised to invest in the EOS Network and community, but failed to do.” This contention highlights the discrepancy between the funds raised and the proposed settlement amount.

Call to Action

The ENF is actively encouraging the EOS community to reject the proposed settlement in order to uphold their rights and express their collective dissatisfaction. Individuals are urged to opt-out of the settlement by August 29, 2023, to retain their potential future legal recourse against Block.one.

Ongoing Legal Dispute

The disagreement between the EOS Network Foundation and Block.one is part of an ongoing legal saga. The foundation alleges that Block.one did not fulfill its commitment to invest $1 billion in the EOS Network and community. The court deemed a prior settlement offer of $27.5 million to be insufficient and rejected it. The current $22 million settlement pertains to a distinct case within this larger legal dispute.

Preserving Community Rights

In light of the substantial funds raised and commitments made, the EOS community has a vested interest in protecting its rights and ensuring that any settlement accurately reflects the value of its contributions. The EOS Network Foundation’s stance emphasizes how important it is to uphold fairness and transparency within the cryptocurrency community.

A Stand for Equitable Resolutions

As the legal proceedings unfold, the EOS community’s decision to reject the $22 million settlement offer underscores its commitment to holding entities accountable for their promises and actions. This situation highlights the importance of legal processes in maintaining the integrity of the crypto space and safeguarding the rights of its participants.

Looking Forward

The EOS Network Foundation’s call for the community to reject the settlement speaks to the broader theme of accountability within the cryptocurrency ecosystem. This dispute between ENF and Block.one may contribute to shaping the standards for equitable resolutions in the ever-evolving landscape of digital assets.