The team behind ENF claims a $22 million settlement "does not adequately compensate community members."
The EOS Network Foundation (ENF) is actively urging the plaintiffs to refuse the current $22 million settlement with Block.one (B1), the original seller of EOS.
With the deadline for opting out fast approaching, the ENF took to social media to express its dissatisfaction with the settlement's terms, highlighting that it doesn't adequately compensate the community for Block.one's misconduct.
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Block.one was responsible for a massive $4 billion initial coin offering (ICO) of EOS in 2018 and subsequently made promises that the ENF believes were not fulfilled.
The main contention raised by the ENF is that the settlement amount is merely a minuscule part of the sum amassed by Block.one, and it doesn't align with the $1 billion that the firm ostensibly promised to invest in the EOS network and community.
The ENF further stressed that the amount is inadequate, arguing:
$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.
More than just the sum, the settlement's terms have raised alarm, as they prevent class action participants from filing any future grievances against Block.one and its founders. The ENF emphasized the gravity of this limitation, stating:
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.
The urgency to act is heightened by the impending deadline of August 29th.
This ENF's stance is not a sudden move as it follows their official declaration in late July that they were gearing up to initiate legal action against B1.
In an interview, ENF's founder and CEO, Yves La Rose, acknowledged that while there are no guarantees, the new legal stance taken by the ENF could potentially lead to better compensation for plaintiffs.
The EOS Network Foundation's public call to reject the $22 million settlement with Block.one illustrates a profound discord between the parties. ENF's concerted efforts to encourage the community to opt out emphasize a belief that the settlement does not serve the interests of EOS's community members. With the deadline looming, the decision now rests with the plaintiffs. Their response will shape the next chapter in this unfolding legal saga, potentially setting a precedent for community rights and corporate accountability within the crypto world.
