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In a recent development within the EOS Network (CRYPTO: EOS) community, its founder Yves La Rose urged community members to explore the possibility of initiating legal proceedings against Block.one (B1), a key investor in the network.
According to La Rose, B1 has not fulfilled its commitment to a $1 billion investment, which it had promised at the time of the network's initial coin offering (ICO) in 2018.
La Rose offered two potential routes for redress: either through legal action or by executing a hard fork to separate all EOS tokens affiliated with B1, essentially severing ties with the erstwhile backer.
La Rose expressed concern over the current state of the EOS Network, stating that the unfulfilled promises of B1 have resulted in inadequate capitalization and consequent hindrance in the development of the network.
The founder of the EOS Network Foundation pointed out that the original token holders had bought their tokens with the expectation of continual investment in the EOS ecosystem.
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With the alleged failure of B1 to live up to its commitment, this trust appears to have been betrayed. La Rose went on to suggest that if a sufficient number of token holders express interest, a class-action lawsuit could be a viable option.
He assured that the EOS Network Foundation is ready to facilitate the coming together of EOS token holders to advance a claim against B1.
The EOS token, at present, is trading around $0.85.
This represents a sharp fall of 32% since April 14, with an additional decline of 2.5% over the past 24 hours, as per data from CoinGecko.
The foundation had earlier hinted at legal action in February 2022, seeking damages amounting to $4.1 billion.
Benzinga has reached out to Block.one for a comment.
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Posted In: $EOS
