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ENF founder and CEO Yves La Rose announced the news on Twitter. ENF Legal argues that Block.one has failed to fulfill its obligations to invest $1 billion to build and expand the EOS Network ecosystem. Although it raised more than $4 billion in an initial coin offering (ICO) to develop the EOS.io blockchain.
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“Everyone knew that Block.one had made these commitments during the ICO and that these investments would be put into the EOS network. However, Block.one has provided minimal real support for the EOS network development efforts and commitments have not been honored,” La Rose said.
The lawsuit will focus on Block.one’s failure to invest in the EOS ecosystem, as well as the abuse of trust of EOS holders who believed Block.one’s promises when they invested in the asset.
In April, the EOS Network Foundation team announced the launch of the EOS EVM core network. It is an intermediate blockchain that allows smart contracts to be launched for EOS-based Etherium.