While the value of cryptocurrency stolen is stunning, not everything is solely about the money. This is the case with the Block.one EOS controversy, the biggest ICO scam of all time. EOSIO was promoted as the blockchain destined to beat Ethereum with faster scaling DApps. Once Block.one raised billions from the token offering, it used the funds to develop its exchange platform, Bullish. This alienated the community, as well as long-time CTO Dan Larimer, who left subsequently.
EOSIO Community Attempts to Block Brock Pierce & Block.one From Accessing $196 Million in EOS Tokens
Block.one will no longer vest tokens in the EOS community. After weeks of negotiations between the community and Block.one, EOS’ lead backer, the project’s top 25 block producers reached a consensus. Block producers have decided not to issue 67 million EOS tokens due to be released over the next six to seven years.
This vote is the latest twist in an ongoing saga involving the community-backed EOS Foundation and Block.one. The EOS Foundation proposed blocking Block.one from accessing 45 million EOS tokens worth $196 million in November. Block.one failed to deliver on its promises for EOS after raising $4 billion during crypto’s infamous ICO boom between 2017 and 2018. Last month, Block.one sold 45 million EOS to Pierce. Among the 45 million tokens, eight million were already liquid, leaving 37 million. An additional 30 million tokens were due to be delivered to the EOS Network Foundation on Sunday.
EOS Foundation’s Top Block Producers, Block.one Founders & CEO Fail to Conclude Discussion, Clip Available on YouTube
Block.one co-founder Brock Pierce tweeted yesterday that he was working on a “mutually beneficial proposal” that would allow the EOS Foundation and the EOS community to play a role in EOSIO’s development and intellectual property. Block.one CEO Brendan Blumer also commented on the issue, emphasizing that “a lot of stakeholders” will need to be considered. The post was later deleted without further explanation.
It followed a series of failed meetings and disagreements over who would deliver a letter of intent, culminating in a final vote between block producers. Originally dubbed the “Ethereum killer,” EOS raised $4 billion via Block.one, but its path has been anything but smooth over the past few years. As a result, the project has consistently received criticism for failing to deliver on its promises, and the EOS token has struggled to reach its 2018 highs. It is currently trading at $3.75, which is still 83.6% below its peak.