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EOS Network Foundation Urges Community to Reject $22 Million Settlement

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In a current class action lawsuit in the United States, the EOS Network Foundation (ENF) has openly pushed the EOS community to reject the proposed settlement with, the business that created the EOS blockchain. On August 8, 2023, the information was published on the ENF’s official Twitter account.

The EOS Network Foundation is a group with the mission of using decentralization to plan a coordinated future for the EOS Network as an agent of good in the world.

Details of the Settlement

The proposed settlement pertains to the ongoing class action against, and details can be found at the settlement website. The settlement amount is $22 million, a figure that the ENF has criticized as being inadequate.

According to the ENF’s statement, « The proposed settlement amount of $22 million represents a tiny fraction of the $4 billion that raised from the community in its ICO sale and the $1 billion that promised to invest in the EOS Network and community, but failed to do. »

ENF’s Stance

The ENF has expressed strong dissatisfaction with the terms of the settlement, stating that it does not adequately compensate community members for losses suffered due to’s « misrepresentations and bad acts. » Furthermore, the ENF emphasizes that the settlement would bar class members’ rights to seek fair and just resolution to their claims in the future.

The ENF’s statement further reads: « $22 million is too small a price for to pay to avoid having to be held to account for their bad acts in the future. »

Call to Action

The ENF is urging community members to opt out of the settlement, sending a message to and the court that the settlement is inadequate. The deadline to opt out is August 29, 2023. Failure to opt out by this date may result in automatic inclusion in the class, impairing future rights to bring a claim against

EOS community members who wish to opt out of the settlement can do so by completing the web-form located at this link.

What Happens Before The Call

The ENF’s call to reject the settlement comes in the context of ongoing legal disputes with is being sued by the ENF for « failing to follow through on its $1B commitment, » according to an announcement made by ENF founder and CEO Yves La Rose on July 25.

On January 31, 2023, US court rejected’s $27.5 million settlement offer to main plaintiff Crypto Assets Opportunity. The $22 million settlement that is now being sought relates to a different class-action case that has been ongoing for some time.

La Rose has been outspoken about the difficulties the EOS community is experiencing as a result of allegedly not honoring its investment pledges. In May 2023, he initially advocated for a class-action lawsuit against, claiming that the firm had broken its pledge to give EOSIO developers $1 billion from the EOS initial coin offering (ICO) which raised $4.1 billion in 2018 .

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