The EOS Network Foundation (ENF) is the latest entity to initiate legal action against major investor Block.one (B1) over failure to honor $1 billion investment commitments.
On July 25, ESN founder and CEO Yves La Rose took to Twitter to announce that the ESN is preparing a lawsuit against B1 for “failure to follow through on its $1B commitment.”
The CEO mentioned that Block.one is already working to settle another class action lawsuit for $22 million, after rejection of a proposed $27.5 million settlement with lead plaintiff Crypto Assets Opportunity.
“You may need to opt out to be eligible to participate in the ENF’s lawsuit,” he noted.
According to La Rose, the United States’ class action lawsuit is still in the process of settling after being initiated back in 2017. The CEO also mentioned that plaintiffs who want to opt out of the lawsuit can contact counsel James Koutoulas.
The current deadline to make a claim or opt out of the U.S. class action is August 23, 2023, La Rose added, stressing:
“If you opt out of the U.S. class action, there is no guarantee that you will be able to make any other claim against Block.one, or that such a claim will be successful.”
The EOS community has faced major issues due to the failure of Block.one, as the creator and original seller of the EOS token, to live up to its commitment to invest in the EOS Network and community, La Rose wrote. He noted that ENF has been actively working with stakeholders to ensure that Block.one is held to account for its promises.
The latest announcement by ESN CEO comes about two months after he first called for a class action against Block.one in May 2023. La Rose specifically accused Block.one of breaking its promises to invest $1 billion from EOS’ initial coin offering (ICO) process to EOSIO developers.
“It was broadly understood at the time that B1 was making these commitments that these investments would be made in the EOS Network […] and yet B1 has provided minimal real support to EOS Network efforts to develop the network,” La Rose wrote then. “B1’s promises during the ICO and after have not been fulfilled,” he added.
The #EOS Network remains the most compelling utility token network in the space. Taking steps to hold @B1 to its promises of investment in EOS Network will only improve EOS Network’s position and the long term value that it can bring to its participants.https://t.co/84ZmVmgv8q
As previously reported, Block.one, the company behind EOS, raised $4.1 billion over 12 months in an ICO back in 2018. The ICO became one of the largest crowdfunding rounds at the time.
Block.one didn’t immediately respond to Cointelegraph’s request to comment. This article will be updated pending new information.
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Resident doctors have “squandered the considerable goodwill” they had with the government by going on strike, Health Secretary Wes Streeting has told them.
The medics – formerly known as junior doctors – finished a five-day strike over pay on Wednesday morning. The group were awarded a close to 30% raise last year but say they want more in an attempt to bring their pay back in line with what they had in 2008.
Mr Streeting previously said he would not negotiate further on pay but would consider taking steps on working conditions.
He has reiterated that stance – and continued to put pressure on negotiations to start again on the government’s terms.
The British Medical Association Resident Doctors Committee, which represents the doctors, have not ruled out further action.
In a letter sent today to the co-chairs of the committee, Mr Streeting thanked them for an invitation to “get back to the negotiating table” – but added the barb that it was “ironic because I never left”.
“I am ready to continue the conversation from where you left it,” he added.
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He went on to say the strikes were “deeply disappointing and entirely unnecessary” – adding that there were “seemingly promising discussions” about improving doctors’ working lives.
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‘No doctor wants to go out on strike’
‘We cannot move on pay’
Mr Streeting criticised the committee, saying they “rushed to strike”.
His letter added: “The consequences of your strike action have been a detrimental impact on patients, your members, your colleagues and the NHS, which might have been worse were it not for the considerable efforts of NHS leaders and front-line staff who stepped up.
“Your action has also been self-defeating, because you have squandered the considerable goodwill you had with me and this government. I cannot in good conscience let patients, or other NHS staff, pay the price for the costs of your decision.”
The health secretary said he wanted to “reset the relationship” between the government and young doctors following the previous industrial action.
Mr Streeting went on to say he is “serious about improving working conditions” but has been clear “we cannot move on pay”.
“This government is prepared to negotiate on areas related to your conditions at work, career progression and tangible measures which would put money in your members’ pockets,” he added.
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Mr Streeting concluded: “I was critical of my predecessors when they closed the door to the Junior Doctors Committee.
“My door remains open to the hope that we can still build the partnership with resident doctors I aspired to when I came in a year ago and, in that spirit, I am happy to meet with you early next week.”
A BMA spokesperson said: “The resident doctors committee has received the letter from Mr Streeting and is considering its response.”
Companies which continually pay their suppliers late will face fines worth potentially millions of pounds, the prime minister has announced.
Sir Keir Starmer said “It’s time to pay up” as the government is set to unveil plans to give the small business commissioner powers to fine large companies that persistently pay their suppliers late.
Under the new legislation, businesses will have to pay their suppliers within 30 days of receiving a valid invoice, unless otherwise agreed, with spot checks to help identify breaches.
Maximum payment terms of 60 days, reducing to 45 days, will also be introduced as part of the legislation to ensure businesses are paid on time.
Late payments cost the UK economy £11 billion a year and shut down 38 businesses a day, the government said.
The new law will save small and medium businesses time so they can focus on growing their revenue, it added.
Image: Chancellor Rachel Reeves and PM Sir Keir Starmer. Pic: PA
Sir Keir said: “From builders and electricians to freelance designers and manufacturers – too many hardworking people are being forced to spend precious hours chasing payments instead of doing what they do best – growing their businesses.
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“It’s unfair, it’s exhausting, and it’s holding Britain back. So, our message is clear: it’s time to pay up.
“Through our Small Business Plan, we’re not only tackling the scourge of late payments once and for all, but we’re giving small business owners the backing and stability they need for their business to thrive, driving growth across the country through our Plan for Change.”
The late payment crackdown is part of a wider government package, including a move to pump £4bn of financial support into small business start-ups and growth.
This will include £1bn for new firms, with 69,000 start-up loans and mentoring support.
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The value of ‘de minimis’ imports into Britain
The Conservatives said the crackdown will be welcome, but fails to address the “218,000 businesses that have closed under Labour”.
Andrew Griffith, the Tory shadow business secretary, added: “The reality for businesses under Labour is a doubling of business rates, a £25billion jobs tax and a full-on strangulation of employment red tape.
“Only the Conservatives are on the side of the makers and will support businesses across Britain to create jobs and wealth.”
Chancellor Rachel Reeves has increased employers’ national insurance, raised the minimum wage and lowered the threshold at which employers’ national insurance is paid.
The Resolution Foundation said this hits the cost of low-paid and part-time workers the most.
One year on, how’s Keir Starmer’s government going? We’ve put together an end-of-term report with the help of pollster YouGov.
First, here are the government’s approval ratings – drifting downwards.
It didn’t start particularly high. There has never been a honeymoon.
But here is the big change. Last year’s Labour voters now disapprove of their own government. That wasn’t true at the start – but is now.
And remember, it’s easier to keep your existing voter coalition together than to get new ones from elsewhere.
So we have looked at where voters who backed Labour last year have gone now.
YouGov’s last mega poll shows half of Labour voters last year – 51% – say they would vote for them again if an election was held tomorrow.
Around one in five (19%) say they don’t know who they’d vote for – or wouldn’t vote.
But Labour are also leaking votes to the Lib Dems, Greens and Reform.
These are the main reasons why.
A sense that Labour haven’t delivered on their promises is top – just above the cost of living. Some 22% say they’ve been too right-wing, with a similar number saying Labour have “made no difference”. Immigration and public services are also up there.
Now, YouGov asked people whether they think the cabinet is doing a good or a bad job, and combined the two figures together to get a net score.
Here’s one scenario – 2024 Labour voters say they would much prefer a Labour-led government over a Conservative one.
But what about a Reform UK-led government? Well, Labour polls even better against them – just 11% of people who voted Labour in 2024 want to see them enter Number 10.
Signs of hope for Keir Starmer. But as Labour MPs head off for their summer holidays, few of their voters would give this government an A*.