TechFlow reported that the EOS Network Foundation has urged the EOS community to reject the settlement agreement with Block.one, stating that the proposed settlement does not serve the best interests of the EOS network and the broader EOS community.
The settlement fails to adequately compensate community members for losses suffered due to Block.one's misrepresentations and misconduct, and it restricts class members from pursuing fair and just claim resolutions in the future.
Under the terms of the settlement, community members who do not opt out will be permanently barred from filing any claims against Block.one or its founders, while Block.one will pay $22 million.
Notably, Block.one raised $4 billion from the community through its ICO and previously committed to investing $1 billion into the EOS network and ecosystem—a promise it never fulfilled.
The deadline to opt out of the settlement is August 29, 2023. Community members who fail to opt out by this date may be automatically included in the class action.
