Block.one ICO damages ‘far beyond’ $22M, ENF founder says
The latest legal action against Block.one (B1), the creator and original seller of EOS (EOS), could potentially help plaintiffs get higher compensation, according to EOS Network Foundation (ENF) founder and CEO Yves La Rose.
On July 25, La Rose officially announced that ENF is preparing a lawsuit against Block.one for its failure to follow through on its $1-billion following its $4.1-billion raise in 2018.
The CEO argued that Block.one’s broken promises to invest $1 billion caused major issues for the EOS community and promised to hold the firm accountable.
As many investors have already been part of another class action against Block.one, a number of those might need to opt out of their current lawsuits, La Rose said.
“They would do that if they aren’t satisfied with the current settlement offer and believe their interests are better suited by opting out, which is a common practice,” the ENF founder told Cointelegraph.
La Rose added that opting out of an old class lawsuit could result in “obtaining a higher payout,” but it could also result in receiving nothing.
“There are no guarantees, which is why this is a personal choice they need to make,” the ENF founder noted, reiterating that the firm recommends any person consult their own legal counsel to determine which path is best for them.
La Rose also emphasized that the amount of settlement in the current class action might not be enough for those who were affected. He stated:
Block.one’s EOS initial coin offering (ICO) became one of the largest crowdfunding raises in history, raising as much as $4.1 billion by June 2018 and outstripping Telegram’s $1.7 billion ICO.
By the end of its year-long crowdsale, EOS was trading at around $12, or around 44% down from its peak price
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