EOS Was the World’s Most Hyped Blockchain. Its Fans Want It Back

Block.one’s EOS VC deployed its money through partnerships with other investors, including Novogratz’s Galaxy Digital company, Asia-based investors Michael Cao and Winnie Liu, the SVK Crypto fund based in London and the German company FinLab. The former Hong Kong-based employee says this was a way to “outsource” work to these partners, rather than spend time looking for companies that use EOS-based technology, which the employee said Blumer considered it a “distraction.”

“In the crypto space, the people who use EOS are small businesses,” they say. “Brendan wasn’t really interested in making those little venture capital deals.”

Crunchbase data and Block.one press releases show that Block.one injected about $ 675 million into partnerships. But the whereabouts of some of the funds are unclear: $ 50 million invested in a partnership with TomorrowBC, a company run by Derek Rundell, CEO of TomorrowVentures by Eric Schmidt, has not been used since 2022, except a $ 750,000 investment in crypto- the LogosBlock business startup, according to PitchBook data. Rundell and Schmidt did not respond to several requests for comment.

Following the ENF ultimatum on November 10, Blumer and Pierce flew to Canada to meet La Rose. In a blog post, La Rose says she continued to demand that a portion of the ICO’s collection be delivered to the ENF, but her requests were “quickly dismissed each time.”

Just before the meeting, Block.one had transferred some 45 million EOS tokens (worth $ 216 million at the time) to Pierce in exchange for its stake in Block.one. On Twitter, Pierce suggested rescuing EOS by launching an investment company called Helios, which would be endowed with the newly acquired tokens. “I am no longer one [Block.one] shareholder, which means I have no limitations, “Pierce told WIRED in November.” Right now I’m free to do whatever I think is necessary for the ecosystem. “

However, his condition soon became a problem during the negotiations. Most of the tokens used to buy Pierce were still in the process of being acquired. “The network thought these tokens were his, and Block.one believed they were his,” says La Rose.

After weeks of futile negotiations, on December 7, EOS blog producers enforced a script that stopped the acquisition of Block.one tokens, including those that had been sold to Pierce, effectively blocking the blockchain. your purchase. Prior to the decision, Pierce told WIRED that this move “would have a very negative impact on trust” within the EOS ecosystem and therefore hoped it would be canceled.

Rose says Pierce didn’t make the final decision well. “Obviously he wasn’t happy,” he says. “I was angry. He made death threats against me.” In an interview in late December with the blockchain news website Bywire News, Pierce, posing as a fedora at a Puerto Rican club while disco music played in the background, said he did not remember threatening. but that he apologized if he did.

“On the Block.one side, the divorce was pretty clean,” says La Rose. “Now they don’t have to worry about the network, which really didn’t matter to them and it took them a while.” Larimer and other senior developers have started working on the EOS code again, under ENF. The foundation has announced grants for companies that create applications for the network.

The release of Bullish, according to La Rose, is Block.one’s best hit. “They’re basically coming out with $ 9 billion,” he says. “And they did it in a legal way.”

On February 10, a post on ENF’s Medium page announced that it had hired a law firm with the goal of “holding Block.one accountable for its past actions and broken promises.” An attached tweet from La Rose nailed the home concept. “Review of ALL possible legal remedies to claim $ 4.1 million in ongoing damages,” it read. “Let’s do this together! # 4BillionDAO is coming.”

“We’re victims,” La Rose says. “The community is recovering the chain for itself.”

Additional report by Greg Barber

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