Everything EOS Short Clips and Rants, 6 Jun 2023

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From YouTube: ENF Explores Lawsuit Against Block.One

Description

The B1 Lawsuit, as discussed by the EOS Network Foundation (ENF), concerns legal action against Block.One for perceived lack of contribution to the EOS ecosystem despite earlier commitments. The ENF has been investigating possible avenues for bringing accountability, and as of now, the potential for a class action lawsuit from stakeholders who have not yet joined any existing litigation against Block.One is a viable route.

The EOS Network Foundation coordinates financial and non-financial support to encourage the growth and development of the EOS Network. We’re harnessing the power of decentralization to chart a coordinated future for the EOS Network as a force for positive global change.

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Priorities that was laid out when we created the enf was that of the block one matter and came in multiple different ways.

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So one of them, as we know, and we dealt very early on- was the vesting of tokens to block one as as one of the priorities, and that was essentially resolved back in December of 2021, but the uh the other lingering issue was just that of a potentially legal matters against block one, and so we were given the task of starting an investigation and starting basically that file working on that front and, as most people know, these things take quite a long time.

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So if we look at the other class action, that's currently ongoing, which is separate from this I believe they're in their third or almost fourth year. At this point, so it's quite slow, like this process is very long, very lengthy. A lot of fat Gathering a lot of research. We undertook that work. We started doing some research started reaching out to stakeholders.

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State holder is reaching out to us and the idea was to explore all potential legal venues towards bringing back accountability for that particular case, and this was given as a priority by multiple stakeholders right. So we also need to assess, as the NF when somebody says, hey I would like you to dedicate some time to this or whatnot. We need to look at this. Does that represent a lot of people? Does it represent a lot of token holders and in this case, for the potential legal matters against block one to the best of our knowledge?

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It represented a lot of people and a lot of tokens, so it really checked both boxes, and so we did a lot of work for the last year and a half in terms of accumulating information. Looking at what the different options might be. Looking at building a case of what potentially, could the EOS token holder slash the EOS community members do should they wish to pursue this file, and so the letter that I put out a few weeks ago is the result or is the where we are, are at with this file at this.

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At this stage, in terms of the options that are being presented to the EOS stakeholders, of which directions they could potentially go what's important to clarify is that the enf doesn't have legal stake in this battle.

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The enf did not exist at the time, however, the enf does have the Mandate by the EOS token holders to help support and amplify the EOS community, and so the enf can support, can coordinate, can help a rally, etc, etc, but it can't be the one actually doing it that needs to come from the token holders, and so the two options that were presented, the one I think that is being more so I guess brought up, is the class action side?

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There's a lot of work to be able to do to determine whether or not there is something that could be brought where we are at this stage. Is that, yes, indeed, there are legal grounds to be able to bring another class action so to be very clear. The current class action that is ongoing is completely separate trip if you as a token holder or you as a stakeholder, have already joined this ongoing class action. That's been going on now for a couple of years.

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You cannot participate in a second class action, and so this is what this class action would be. It would be for people who are not in the current ongoing one, um the date that I was very clear about in the letter that I posted is of September 1st 2021.

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For those who recall one of the last things that kind of put the nail in the coffin so to speak in terms of whether or not a block one was indeed contributing to the ecosystem in a tangible way that was no longer subjective was the code base and roughly in June July of 2021 is when it became apparent that they were no longer contributing to that.

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So by September 1st 2021, it was quite apparent that they no longer have that final pillar stand on, so everything prior to September, 2021 is in play, is potentially eligible and what we're looking for, and we've received hundreds of of interested parties at this point, and so I'm also more Liberty to talk now because there's clearly a class there's, definitely enough people that believe that they've been on that they're willing to participate in the process.

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We've received hundreds of emails from individuals so we're at a stage now where, if you've sent in an email and I encourage for those who have not sent an email and if you believe that you've been materially impacted because you bought the EOS token in part on promises and commitments made from block one in terms of them.

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Deploying a billion dollars is the often referred to number back into the ecosystem that you believe that you're purchasing a token that would have more utility that it currently does because of those commitments that were made and that now you're left with a token that has less utility than what it should have had when you were basically bought into that. We invite you to write in so please send an email to Legal eosnetwork.com.

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We will be sending out the first reply to the people who sent in their emails within the next couple of weeks to let you know what the next steps are. At this point, as I mentioned, there are enough interested parties that there is something here.