EOS Blockchain Community Member Calls Out Block.one for Negligence and Fraud
In a virtual gathering of China-based users, Yves La Rose, a member of the EOS blockchain community, expressed his disappointment and frustration with the current state of the EOS blockchain. He referred to it as a failure. La Rose’s comment shed light on the sharp decline of EOS, once a promising cryptocurrency network.
The Rise and Fall of EOS
Built with open-source technology by the Cayman Island-based company, Block.one, EOS initially gained attention for promising greater efficiency than any other cryptocurrency network at the time. It was often referred to as “Ethereum on Steroids” among crypto enthusiasts. Prior to its launch in June 2018, Block.one raised over $4 billion in the largest initial coin offering (ICO) in history. However, nearly four years later, EOS was in a downward spiral. Its user base was shrinking, support for popular apps was minimal, key developers were departing, and the value of its token had plummeted from $10 to $4.40 by late 2021.
La Rose’s Grievance against Block.one
During the virtual session in November, La Rose expressed his dissatisfaction, stating that he and others in the community had become victims of a venture that unjustly profited off their hard work and left them with nothing. He accused Block.one of deliberately misrepresenting their capabilities, leading to negligence and fraud. Despite the decline, La Rose still believed in the potential of EOS. To revive the blockchain, he launched the EOS Network Foundation (ENF) with the aim of holding Block.one accountable for the project’s decline, and ultimately, to save EOS.
Block.one’s Response
However, Block.one showed no intention of complying with La Rose’s requests. In May 2021, it announced the launch of Bullish, a crypto exchange funded in large part by the proceeds of the EOS ICO. The company registered Bullish in the Cayman Islands and planned to take it public through a $9 billion merger with a special purpose acquisition company (SPAC) by July 8, 2022.
La Rose’s Plan for the Future
In response to Block.one’s actions, La Rose planned to address the decline of EOS and hold Block.one accountable. He aimed to set up the EOS Network Foundation to revive the blockchain and seek restitution from Block.one. His ultimate goal was for Block.one to take responsibility for the decline and return a portion of the funds. However, Block.one’s plans for Bullish, and the lack of compliance with La Rose’s request, set the stage for a continued standoff.
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