ENF Urges Rejection of $22M Settlement with Block.one

As the deadline for opting out of the present $22 million settlement with Block.one (B1) approaches, the EOS Network Foundation (ENF) has urged plaintiffs to dismiss the lawsuit.

The ENF took to X (formerly Twitter) on August 8 to urge plaintiffs to reject Block.one’s $22 million settlement.

Block.one was the original seller of EOS in its 2018 $4 billion initial coin offering (ICO).

The ENF argued that the existing settlement “does not adequately compensate” community members for losses resulting from Block One’s “misrepresentations and bad acts.”

It emphasized that the settlement amount is a minuscule fraction of the funds raised by Block.one and the $1 billion that the company falsely pledged to invest in the EOS network and community.

“$22 million is insufficient compensation for Block One to pay to avoid being held accountable for their poor behavior in the future,” the announcement states.

“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.”

In addition, the settlement prohibits class action participants from filing new complaints in the future against Block.one and its founders, the ENF emphasized, adding that the deadline to opt out of the class action is August 29.

“If you fail to opt-out by this date, you may be automatically included in the class, and your future rights to bring a claim against Block.one will be impaired,” the ENF explained.

The ENF made its most recent statements shortly after announcing in late July that it intended to initiate legal action against B1.

Yves La Rose, founder and chief executive officer of the ENF, stated that the new action by the ENF could assist plaintiffs in obtaining higher compensation.

“There are no guarantees, so this is a decision they must make on their own,” La Rose stated, reiterating the ENF’s recommendation that individuals consult their legal counsel to determine which decision is best for them.