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 <p class="is-style-lead">As the deadline approaches for the decision to opt out of the existing $22 million settlement with Block.one (B1), the company responsible for the initial sale of EOS in a $4 billion initial coin offering (ICO) back in 2018, the EOS Network Foundation (ENF) has advised its community members to carefully consider their options.</p> 
 <p>The ENF argues that the current settlement might not adequately compensate community members for their losses due to B1’s alleged “misrepresentations and wrongful actions.”</p> 
 <h2 class="wp-block-heading" id="a-minuscule-portion-to-pay-back">A minuscule portion to pay back</h2> 
 <p>On Aug. 8, the ENF pointed out that B1 had only paid $22 million of the $4 billion raised, which included an unrealized commitment of $1 billion for the EOS Network and its community.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">The EOS Network Foundation Urges $EOS Community to Reject @B1 Settlement<br><br>The EOS Network Foundation (ENF) has received numerous questions from <a rel="noopener noreferrer nofollow" title="community" href="https://thebittimes.com/tag/community.html">community</a> members over the last several weeks as to whether <a rel="noopener noreferrer nofollow" title="community" href="https://thebittimes.com/tag/community.html">community</a> members should join or opt out of the proposed <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> of the… pic.twitter.com/4AKBmiv30B</p>— EOS Network Foundation (@EOSnFoundation) August 8, 2023 
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 <p>ENF explains that those who accept the <a rel="noopener noreferrer nofollow" title="settlement" href="https://thebittimes.com/tag/settlement.html">settlement</a> may be barred from future legal action against B1 and its founders.&nbsp;</p> 
 <p>Critics argue that $22 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> is inadequate for B1 to avoid accountability.&nbsp;</p> 
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 <p>The ENF urges caution and suggests that community members refrain from accepting the settlement to show dissatisfaction with the proposal.&nbsp;</p> 
 <p>The opt-out window closes on Aug. 29, 2023, and failure to opt out could result in automatic inclusion in the class.</p> 
 <h2 class="wp-block-heading" id="eos-taking-legal-action">EOS taking legal action</h2> 
 <p>On July 25th, ENF founder and CEO Yves La Rose announced on X, formerly Twitter, would take legal action against B1 for not fulfilling its $1 billion commitment.&nbsp;</p> 
 <p>La Rose also noted that B1 is facing a separate class-action lawsuit seeking $22 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>.</p> 
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  <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="ENF Explores Lawsuit Against Block.One" width="1020" height="574" src="https://www.youtube.com/embed/66P_VrCE_NQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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 <p>The ENF CEO pointed out that the EOS community has experienced significant challenges due to what they argue is B1’s failure to fulfill its obligations.&nbsp;</p> 
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  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> EOS Foundation suing Block.one for $1 billion commitment breach 
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EOS Network Foundation urges community to reject $22 million settlement offer

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