Block.one Faces Lawsuit from EOS Network Foundation

Block.one, a significant investor in the blockchain industry, is now under fire from the EOS Network Foundation (ENF) for purportedly defaulting on its $1 billion investment commitment. ENF's CEO, Yves La Rose, recently announced the foundation's preparation to file a lawsuit against Block.one, adding to the growing list of legal actions the latter faces.

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EOS Network Foundation (ENF) is preparing to sue the developer of the EOS (EOS) network Block.one for not fulfilling its promise to invest $1 billion in the blockchain, according to a July 25 statement. “One of the issues that the community faces is the failure of Block.

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The long-standing battle between the EOS Foundation and Block.one (B1), the company behind the EOSIO blockchain, is set to take a new twist. Over the weekend, the EOS Network Foundation's (ENF) founder and CEO, Yves La Rose, proposed some possible measures.

EOS (EOS/USD) price has come under selling pressure as a somber mood engulfs the stock and cryptocurrency market. The coin dropped to a low of $0.8578 on Tuesday, the lowest level since January 4 of this year. It has crashed by more than 35% from its highest level this year. EOS Foundation and Block.

In a recent development within the EOS Network (CRYPTO: EOS) community, its founder Yves La Rose urged community members to explore the possibility of initiating legal proceedings against Block.one (B1), a key investor in the network. According to La Rose, B1 has not fulfilled its commitment to a $1 billion investment, which it had promised at the time of the network's initial coin offering (ICO) in 2018.

Yves La Rose, the CEO of EOS Network Foundation, the hub behind EOS Network — a layer one blockchain designed for large-scale decentralized applications — has urged community members to consider taking legal action against Block.One (B1) after the company failed to provide promised investments.