Shocking Claim: Block.One Did Not Give $1 Billion to EOS

Lois Zaytsaw
Lois Zaytsaw Crypto
3 Min Read

A stunning assertion was made about EOS . The CEO of the EOS Foundation, Yves La Rose, recently advised investors to sue Block.One, the developer of EOS platform, due to the Block.One’s infamous $1 billion pledge .

Block.One Promised $1 Billion to EOS

In an open letter, Yves La Rose stated that Block.One has promised substantial investment during and after the EOS token sale . “Block.One promised in January 2018 that it would allocate $1 billion from ICO proceeds to developers and entrepreneurs to promote and develop EOSIO . So far Block.One has provided minimal support to the development efforts of the EOS network . Block.One has not fulfilled its promises during and after the ICO” he said .

“As time passed it became clear that Block.One had no intention of investing the $1 billion it had promised for the EOS network .” Using his statements Yves La Rose emphasized that EOS investors trust the promises of Block.One when purchasing their tokens .

The letter argued that the development of EOS was greatly hampered as a result of unfulfilled promises . From this point of view, it was stated that token holders, especially block producers, should consider filing a lawsuit against the company .

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EOS Has a Turbulent History

EOS was launched in 2017 with big promises . The next 6 years were quite turbulent for EOS . While Dan Larimer, one of the founding partners of EOS resigned and left the project at the beginning of 2021, some projects that were put forward with great expectations were shelved . For example Voice, which was thought to be an EOS-based social network and was put into action in this direction was transformed into an NFT platform after losing great interest in it .

EOS raised $4 .1 billion during its one-year ICO between 2017 and 2018 . Later the US Securities and Exchange Commission (SEC) fined $ 24 million on the grounds that this token sale was unregistered .

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Lois Zaytsaw
By Lois Zaytsaw Content Editor, Financial Writer
Meet Lois, a dynamic Crypto, Blockchain, and Finance Writer/Journalist based in the bustling metropolis of New York City. With a passion for technology and a keen understanding of finance, Lois has been covering the latest developments in the world of cryptocurrency and blockchain for several years. Her insightful articles have been featured in numerous leading publications, including The Wall Street Journal, Bloomberg, and CryptoBriefing. Lois' fascination with blockchain and cryptocurrency began during her time as a student at university, where she studied economics and computer science. She was drawn to the disruptive potential of blockchain technology to revolutionize the traditional financial industry, and since then, she has been following the latest trends and innovations in the space.
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