The EOS Network Foundation (ENF) has received numerous questions from community members over the last several weeks as to whether community members should join or opt out of the proposed settlement of the ongoing class action against Block.one in the US. Details of the proposed settlement are at this link.
The primary goal of the ENF is to encourage the development and growth of the EOS Network and after carefully reviewing the terms of the proposed settlement we do not think that the proposed settlement with Block.one is in the best interest of the EOS Network and the EOS community as a whole. The settlement does not adequately compensate community members for losses they have suffered due to Block.one’s misrepresentations and bad acts and more importantly, the settlement bars class members’ rights to seek fair and just resolution to their claims in the future.
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. While EOS community members who join the settlement may recover a small percentage of the losses that they suffered, the benefit to Block.one is much greater as community members who join the settlement will be barred by the terms of the settlement from bringing any future claims against Block.one and its founders: $22 million is too small a price for Block.one to pay to avoid having to be held to account for their bad acts in the future.
The ENF urges community members to opt out of the settlement which will send a strong message to Block.one and to the court that the settlement is entirely inadequate and does not adequately compensate community members for the losses they suffered at the hands of Block.one.
The deadline to opt out is August 29, 2023. If you fail to opt-out by this date you may automatically be included in the class and your future rights to bring a claim against Block.one will be impaired.
The EOS Network is a 3rd generation blockchain platform powered by the EOS VM, a low-latency, highly performant, and extensible WebAssembly engine for deterministic execution of near feeless transactions; purpose-built for enabling optimal Web3 user and developer experiences. EOS is the flagship blockchain and financial center of the Antelope framework, serving as the driving force behind multi-chain collaboration and public goods funding for tools and infrastructure through the EOS Network Foundation (ENF).
The EOS EVM is an emulation of the Ethereum EVM, housed within an EOS smart contract. It offers feature parity to other EVMs in the space but with unmatched speed, performance and compatibility. EOS EVM connects the EOS ecosystem to the Ethereum ecosystem by allowing developers to deploy a wide array of Solidity-based digital assets and innovative dApps on EOS. Developers can use EOS EVM to take advantage of Ethereum’s battle-tested open source code, tooling, libraries and SDKs, while leveraging the superior performance of EOS.
EOS Network Foundation
The EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3. Founded in 2021, the ENF is the hub for EOS Network, a leading open source platform with a suite of stable frameworks, tools, and libraries for blockchain deployments. Together, we are bringing innovations that our community builds and are committed to a stronger future for all.