The EOS Network Foundation (ENF), a non-profit organization that focuses on the EOS Network, through Yves La Rose, the Executive Director, and Founder, has announced a new roadmap for the EOS community. The EOS Network now takes pride in two initiatives dubbed Recover+ and Yield+. With these two, the EOS ecosystem anticipates attracting more DeFi developers and investors. Thereby competing favorably with leading blockchains in total value locked (TVL).

According to analytics data provided by defillama, the EOS network ranks 26 by total value locked with approximately $96.74M. However, the EOS network is lagging behind leading blockchains like Ethererum, Binance, Tron, and Avalanche, which have $31B, $5.38B, $5.65B, and $1.41B, respectively. 

The decentralization aspect of blockchain has significantly been harnessed through the DeFi ecosystem. As such, most blockchains have dedicated much focus to the DeFi ecosystem. Furthermore, the DeFi ecosystem has proved to be critical support for Web3 development.

EOS launches Yield+ and Recover+ to increase onchain activity

Chainalysis just announced that October 2022 saw “the biggest month in the biggest year ever for hacking activity”. Without any doubt, DeFi protocols need to evolve, and EOS might have the solution.

Yves La Rose just posted EOS’s new roadmap and announced Yield+ and Recover+ as the evolution of DeFi to 3.0.

Two issues have plagued DeFi: lack of sustainability and lack of safety.

BILLIONS have been lost due to DeFi projects being exploited or hacked.

That’s why the @EOSNFoundation asked some of the smartest minds in DeFi to try to solve these problems.https://t.co/MVPqvVKzmh

— Yves La Rose (@BigBeardSamurai) July 26, 2022

In DeFi, hacks are more a question of when and not if, so in a decentralized protocol, awareness and fast reaction are basically the only real tools you can use. Recover+ is an asset recovery framework and a coordination hub to tackle hacks and exploits.

“The Recover+ initiative was launched with the aim of laying the foundations needed for building a better future for individual projects, white-hat hackers, and the EOS network itself. A future that thrives and is free from the constant fear of smart contract vulnerabilities,” the ENF previously noted.

The second tool that is dubbed Yield+ is only meant for people that are eligible for Recover+. This is meant to ensure accountability and safety in the DeFi to enhance future growth prospects.

Yield+ is an incentive program to encourage people to put more liquidity, therefore ramping up the TVL and lowering the risks for market manipulations.

Market outlook

Blockchain technology has significantly been adopted through the smart contract and DeFi ecosystem. Businesses around the world are shifting towards the blockchain and cryptocurrency market to ramp up productivity. 

The EOS ecosystem is competing with hundreds of blockchains for the same consumers in the global markets. As such, improving its system security features and incentives program is key to its future success.

According to our market data, the EOS token is trading at $1.03, down approximately 77 percent in the past year. The EOS network has a market capitalization of approximately $1 billion.

Der Beitrag Bullish for EOS: ENF announces new liquidity incentive program and security feature scheduled to launch Q3 erschien zuerst auf Crypto News Flash.

On Wednesday, September 21, the EOS community announced its independence while changing the destiny of the platform forever. As a result, the EOS platform will transition to being a more decentralized platform with a consensus upgrade to Antelope Leap 3.1.

Yves La Rose, CEO of EOS Network Foundation announced that they will now be liberating the EOS network’s code. “We liberate the code, not for a privileged few, but for an open future, built on open-source foundations,” he stated. The new code will embody the community’s collective aspirations of building a resilient public blockchain network. 

Today is a historic day. Not only for $EOS, but for the entire crypto industry.

After a multi-year struggle for independence, the #EOS community has proven that #Web3 really does bring power back to the people.

This is more than a hardfork. This is EOS Independence Day!

🧵 👇

— Yves La Rose (@BigBeardSamurai) September 21, 2022

As a result, the EOS community will be undertaking the migration of the EOS platform to the newly forged Antelope framework. This is an open framework that brings the full power of a decentralized network and community into action. The Antelope framework offers the EOS community a new direction in the way the network is run. Thus, it is a major milestone both in terms of governance and maturity of the EOS blockchain. The EOS Network Foundation CEO Rose further stated:

Today is the hard-won culmination of our efforts to secure independence for the EOS blockchain. Thanks to the EOS Block Producers—through their trust, support, and their technical prowess, the ENF has been able to proceed unhindered in our mission to deliver value to the EOS Network.

Thanks to the many dedicated developers and project leaders who rallied together and coordinated this massive feat of engineering, our code is now on solid footing.

The EOS Hard Fork

The EOS Network originally relied upon the EOSIO code. The maintainer of this code produced EOSIO 2.1 and a release candidate for EOSIO 2.2. However, the changes were deemed to be not beneficial for several public networks that relied on the code. 

As the EOSIO codebase had thousands of unresolved issues, the EOS community engineers led by ENF forked the EOSIO 2.0 code repository to a new codebase which was then improved upon to create Leap 3.1. The Leap 3.1 is the C++ implementation of the new Antelope protocol. In Leap 3.1, several features have been backported from EOSIO 2.1 and EOSIO 2.2

However, there are also several new features “including transaction lifecycle improvements, upgraded crypto primitives that power EVM-related cryptography functions, block and SHiP pruning, and more”. Speaking on the matter, Areg Hayrapetian, Director of Engineering, ENF said:

The release of the Leap 3.1 software, and in particular the activation of the new Antelope protocol features introduced in Leap 3.1 on the EOS Network blockchain, marks an important milestone in this independence in which the Community demonstrates to the world that the EOS Network now runs on code maintained by the EOS Network Foundation on behalf of the EOS Community.

As the EOS block producers executed a coordinated hardfork to Leap 3.1, all those running the EOS nodes should upgrade them to keep syncing with the network. 

Der Beitrag Ethereum rival EOS declares independence with consensus upgrade to Antelope 3.1 erschien zuerst auf Crypto News Flash.

Buterin said the name recognizes how EOS’s core team of developers have learned from the “amateurish naivety and idealism” of Ethereum. He added that it is now led by “professional top-talent software developers”, adding that it has “much higher scalability and speed” than Ethereum. 

EOS is Ethereum On Steroids.

The name reflects the fact that the core team learned from Ethereum's amateurish naivety and idealism, and built out a team of professional top-talent software developers that created a smart contract platform with much higher scalability and speed.

— vitalik.eth (@VitalikButerin) June 27, 2022

The tweet, which came in a reply to Ethereum Foundation developer Josh Stark, who asked “What’s EOS?”, sparked confusion among the Twitterati, who weren’t sure whether Buterin was being serious in his praise, or sarcastically dismissive of the EOS project. 

CryptoNews seemed to believe the latter, reporting that he “praised the once-popular project”. However, others recalled that the nickname “Ethereum on Steroids” is in fact an old one that was used to slander EOS in the past, when it failed to deliver on its initial promise. 

I feel so sad for anyone not realising this is sarcasm

— 𝖁𝕰𝕼𝕿𝕺𝕽 ✊🇺🇦 (@Veqtor) June 27, 2022

Others were simply very confused, with @jungleincxrp noting that Buterin has been “acting very odd lately”: 

Vitalik has been acting very odd lately. Not sure what’s up with that.

— Jungle Inc 💥Steady Lads💥 #MMG (@jungleincxrp) June 27, 2022

The truth is no doubt somewhere in the middle. While Buterin must be aware of what has happened at EOS, he may not realize the lengths to which its new team of developers is going to as it tries to revitalize a project that was indeed, once considered to be an “Ethereum killer”. 

EOS was the darling of the crypto community back in spring 2018 when it raised a stunning $4.1 billion through an initial coin offering. The network promised solutions to all of Ethereum’s problems, including its lack of scale and its high transaction fees. 

However, things quickly started going wrong for EOS, with reports that Chinese firms owned a majority stake in the network and scrutiny emerging over irregularities such as wash trading and vote trading. In 2019, the lead developer of Block.one, the company heading the development of EOS, quit the project without any warning. What followed was a cascade of resignations as Block.one’s core EOS team all began jumping ship, causing development activity on EOS to grind to a halt. 

The EOS community was quick to realize that Block.one was neglecting its role as the blockchain’s head developer, and so it decided to take things into its own hands. In 2021, it formed the EOS Network Foundation, or ENF, and set about trying to wrest control of the project from Block.one. 

The battle for control reached heated levels and after months of community discussion, the ENF eventually voted to block transactions worth more than 67 million $EOS (approximately $250 million) due to be received by Block.one for its work. 

Yves La Rose, the CEO of ENF, cited an investigation by Wired that showed how Block.one was “intentional in its pursuit of greed” and had failed to deliver on multiple promises. The ENF rejected this “Theranos/Elizabeth Homes’ like behavior” and established its own path for EOS going forward, committing to develop its ecosystem and put EOS token holder’s interests first. 

Since taking control of the project late last year, EOS has suddenly started making real progress. In the last few months it has expanded its strategic partnerships with new investors, developers and organizations all getting on board with the project. The most crucial recent development saw EOS release a set of Blue Papers, which cover the current state of EOS and its future roadmap. Consisting of four separate papers, they focus on rebuilding key parts of the EOS ecosystem. 

A lot of people are starting to pay attention to what’s going on with $EOS.@VitalikButerin

We are making a comeback, and nothing can stop us now.

A short thread is for everyone who needs to be caught up: 🧵 https://t.co/fDE8L4d5Yv

— Yves La Rose (@BigBeardSamurai) June 27, 2022

EOS now has a number of interesting projects under development, including the launch of Pomelo Season 3 NFTs, Co2Zero, which is a carbon-neutral decentralized exchange, and the Recovery+ initiative, a new hacking-response process that’s designed to make EOS safer and more reliable. 

In a follow up tweet to Buterin, La Rose said that now “the snakes” (Block.one) are gone, the top-talent developers are indeed returning to EOS in droves, helping to power what he said is the world’s “most active blockchain” and “fastest EVM”. 

Now that snakes are gone and the @EOSNFoundation has replaced the leadership void, $EOS is finally on the up-swing.

The GitHub is active, the community is reinvigorated, funding is available, talent is returning to #EOS and EOSIO is becoming a hub for rapid innovation. pic.twitter.com/OiX8DXDp04

— Yves La Rose (@BigBeardSamurai) June 27, 2022

After years of stalled development, the project is finally moving into high gear and making up for lost time, and has already achieved some impressive milestones since the ENF took over the helm. Whether or not it will be enough for EOS to live up to its Ethereum on Steroids nickname remains to be seen – but according to La Rose, that is no longer the goal. 

The New $EOS is the fastest, the cheapest, the most sustainable and the most performant L1.

But it is not the “ETH killer”

With @TrustEVM around the corner, #EOS will be the ETH-enabler as the premier L2 solution.@VitalikButerin, let’s chat at @ETH_Toronto and make it happen?

— Yves La Rose (@BigBeardSamurai) June 27, 2022

Der Beitrag Vitalik’s Sarcasm Belies A Lack Of Understanding Of EOS’s Progress erschien zuerst auf Crypto News Flash.

Originally, the community had anticipated that these funds would be used to build a highly stable blockchain capable of warp speed transactions. However, rather than reinvesting in the ecosystem, the development company responsible for building the EOS chain, Block.One, used the money for external projects and investments.

EOS Under Delivered and Over Promised

This saw the community deeply frustrated as the chain never went up to live to its promises. It saw massive user growth shrinkage and at its peak played host to just a handful of apps. The network was never developed and pushed forwards.

As a result, a group of EOS community members created a foundation to encourage the growth and development of the EOS Network. The ENF led by CEO Yves La Rose, has recently taken Block.One to court to sue them for $4.1 billion of damages, which they want to use to turn around the fortunes and capabilities of EOS and deliver on its promises.

EOS is a Failure

According to Yves La Rose, “There’s no sugar-coating it, EOS, as it stands, is a failure”

He said that,

The last three years or so have been nothing but dwindling in terms of market cap and in terms of token value. When we look at EOS compared to the rest of other cryptos, especially in satoshi levels, EOS has been a terrible investment. It’s been a terrible financial, time and community investment. The reality is that many people no longer want to be associated with EOS because of its tarnished reputation. EOS, as it stands, is a failure.

The ENF had sat down with Block.One in order to try to find common ground, but Block.One ended up backing away from these discussions. From there, the block producers of EOS decided to freeze Block.One from vesting for future EOS token earnings. This put Block.One in a stalemate.

According to ENF CEO, Yves La Rose, “We are taking further action to hold Block One accountable for its past actions and broken promises against EOS” “Block.one has not kept its word regarding past promises and that both the community and individual EOS users have been harmed as a result.”

Many in the blockchain and Web3 community wish the ENF and Yves La Rose good luck in their endeavors in trying to bring justice to the block producers and investors in EOS. What will the next chapter bring? Watch this space.

Der Beitrag The EOS Community Takes Block.One to Court to Seek $4.1 Billion in Damages erschien zuerst auf Crypto News Flash.

EOS could soon be at the heart of one of the biggest lawsuits in crypto history, with the two leading factions set to go to war. The EOS Network Foundation (ENF) has revealed that it’s weighing its legal options as it seeks to sue Block.one for $4.1 billion for failing to keep its pledges to the EOS community.

ENF was founded to “coordinate financial and non-financial support to encourage the growth and development of the EOS Network.” Led by CEO Yves La Rose, the Foundation has been at odds with Block.one for several months now, accusing the EOS parent company of neglecting the network and failing to keep the pledges it made to EOS investors.

Now, Yves has announced that he’s taking the conflict to court. On Twitter, he shared his frustration with Block.one and pledged to make them accountable for their wrongs.

We are taking further steps to hold [Block 1] accountable for its past actions and broken promises against EOS. Review of ALL possible legal recourse to seek $4.1B in damages underway.

As Founder of @EosNFoundation I share your frustrations! We are taking further steps to hold @B1 accountable for its past actions and broken promises against #EOS. Review of ALL possible legal recourse to seek $4.1B in damages underway. Let's do this together! #4BillionDAO coming

— Yves La Rose (@BigBeardSamurai) February 10, 2022

“You want war, we’ll give you war”

The conflict between Block.one and ENF has been public for some time now. But as Yves revealed in an accompanying blog post, he has tried to solve the matter amicably to no avail. In November and December last year, the Foundation tried to “arrange a fair and reasonable resolution with Block.one that would position the EOS community for future success.”

However, Block.one refused to play along, forcing Yves to rely on the judicial system, he said.

Unfortunately Block.one decided to walk away from the negotiations and as a result the EOS Block Producers determined it was in the best interest of the community to freeze the vesting of all the EOS tokens that Block.one was to earn in the future.

Yves revealed that ENF has retained a leading Canadian law firm to investigate “Block.one’s past actions and promises vis-à-vis the EOS community and EOS investors to determine what legal avenues are available to seek redress.”

ENF wants to sue the parent firm for $4.1 billion, the amount that it raised in what is the biggest initial coin offering (ICO) of all time.

At press time, EOS is trading at $2.58, down 3.8 percent in the past day for a market cap of $2.5 billion. This makes it the 48th-biggest crypto, a far cry from its heydays when it was a top ten contender.

Also Read: The EOS community appoints ENF and Dan Larimer as propagators of the network’s technical development

Der Beitrag EOS community wants to sue parent Block.one for $4.1 billion as row escalates erschien zuerst auf Crypto News Flash.

Could 2022 be the year in which the ever-declining EOS makes a comeback? Dan Larimer thinks so, and he plans to lead this comeback. The EOS founder, who has since left his role at the blockchain network, promised a killer app for the network this year, saying he’s polishing up on the whitepaper and will be publishing it in the coming weeks.

If there ever was a blockchain project that showed so much promise but failed to live up to expectations, then it’s EOS. The network launched in June 2018 to massive hype, being dubbed the ultimate Ethereum killer. Promising to become the Windows of blockchain, it attracted great interest from investors from the onset and ended up conducting the biggest ICO to date, raising over $4 billion. Its impact and ecosystem have been declining since, culminating in a feud between the community and the developers.

The man who started it all wants to put EOS back at the top. He stated:

2022 is going to be epic. The momentum is building and things are coming together. My New Years’ resolution is to deploy the killer application that will make EOS the platform for viral community DAO creation, growth, and engagement.

Related: EOS selected as the best blockchain worldwide in the latest China rankings

Can EOS be revived?

If anyone can revive EOS, then it’s Larimer. The computer scientist is one of the people who have contributed the most to the blockchain world. In 2013, he co-founded BitShares, a decentralized cryptocurrency exchange, alongside Cardano founder Charles Hoskinson. He would later build Steemit, a decentralized social media platform before launching EOS.

He’s famous for launching the delegated proof of stake algorithm which is now in use in many blockchain networks. And who can forget when he went against Satoshi Nakamoto himself in 2009 over whether proof of work leads to centralization.

“If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry,” Satoshi famously brushed him off.

On his pledge to revive EOS, Larimer stated:

So much great stuff has happened in the past two weeks that my team is going to take an extra couple of weeks to polish the whitepaper and get the branding fully baked. We are going to do this right so that we can all come together to change the world. […] With my upcoming paper and roadmap I am confident we can make a difference!

Reviving EOS will be no easy task. While the blockchain is greatly scalable and cheap to transact on, its community has been chaotic for some time now. The community has come together in the past year under the EOS Network Foundation (ENF) against Block.one, the developers who built the EOS blockchain. ENF accused Block.one of drifting away from the original interests and goals of the network and failing to deliver on the promises they made.

Read More: EOS community ousts Block.one, blames the company for neglecting network development

Larimer, who left EOS a year ago, has been pushing for a rebrand. A month ago, he stated, “It’s time to rebrand EOS and have a renewed vision and purpose that can motivate community engagement and investment in growth.” He went on to suggest he would want the project to change its name.

Der Beitrag EOS founder Dan Larimer wants to build a killer app for EOS this year erschien zuerst auf Crypto News Flash.

EOS was once a titan in the cryptocurrency industry and was firmly etched in the top ten projects. Before the likes of Solana and Polkadot, it was the original Ethereum killer. But the project is now a shadow of its former self, with the developers and the community engaging in a blame game. In the latest twist, the EOS super node has reportedly frozen close to 70 million EOS tokens held by the developers and plans to give full control of the project to the community.

The back-and-forth between the developers from Block One (B1) and the community, led by the EOS Foundation has become heated in recent weeks. As CNF reported a month ago, the foundation started a campaign to oust the B1 developers from the project, accusing them of neglecting the project and not meeting the project’s goals. Yves La Rose, the Foundation’s CEO, described the project as a failure in its current state.

Read More: EOS community ousts Block.one, blames company for neglecting network development

And he wasn’t wrong. When B1 was selling 900 million tokens in 2018 to raise $4 billion, EOS went as high as $22. It ranked in the top five and its trading volume was just as high as Ethereum’s.

Today, EOS is ranked 46th behind newcomers and niche projects like BitTorrent, Filecoin and the Internet Protocol.

Block One finally pushed out of EOS?

The tug of war between the Foundation and B1 may be coming to an end, and the community-supported Foundation seems to have won. According to Colin Wu, a Chinese-based journalist, the hotly-contested vested EOS tokens currently controlled by B1 may finally be frozen.

Wu revealed:

Der Beitrag EOS jumps 14% after community wrestles control of 68M tokens from Block One erschien zuerst auf Crypto News Flash.

There has been a major development in the EOS network that could have detrimental consequences in the days to come. For now, it seems that EOS has broken free with the community taking control of the network. With a show of resilience, the community has shown its dissatisfaction with the direction that former developer Block.one has taken in recent times by taking control. EOS will now forge ahead with a newly launched community organization and newly elected leadership.

Related: EOS selected as the best blockchain worldwide in the latest China rankings

Yves La Rose, the “community-elected CEO” of the new EOS Foundation in a virtual conference stated;

There’s no sugar-coating it, EOS, as it stands, is a failure. The last three years or so have been nothing but dwindling in terms of market cap and in terms of token value. When we look at EOS compared to the rest of other cryptos, especially in satoshi levels, EOS has been a terrible investment. It’s been a terrible financial, time and community investment. The reality is that many people no longer want to be associated with EOS because of its tarnished reputation. EOS, as it stands, is a failure.

In 2018 Block.one sold 900 million EOS tokens for proceeds of over $4 billion in an initial coin offering (ICO), the largest in the world at the time. EOS holders saw great promise in the network and the network was regarded by many as an Ethereum killer. But now, this landmark has been questioned by a recent report.

Read More: Report shows EOS ICO was marred with wash-trading from 21 accounts

Additionally, the SEC came after the company. It only recently settled with the SEC over allegations of selling unregistered securities, a deal that in itself has stalled according to recent court proceedings.

But earlier in the year, there was a positive development as the company pumped $10 billion into a new cryptocurrency exchange subsidiary a development that saw EOS rally.

Read More: EOS jumps by 50% following Block.one’s $10B investment in crypto exchange

In terms of network development, although this has seemingly been stable, La Rose notes that Block.one has lost all key developers and swayed away from the blockchain development. La Rose noted;

Another thing to note, in terms of the roadmap is that we can no longer rely on Block.one to support and guide EOSIO development. They have lost all key developers and have pivoted away from being a blockchain development company towards being an asset management company.

Der Beitrag EOS community ousts Block.one, blames company for neglecting network development erschien zuerst auf Crypto News Flash.

The EOS network has once again emerged best in a global ranking of public blockchains by the China Centre for Information Industry Development (CCID).

Notably, the CCID is a subdivision of China’s Ministry of Industry and Information Technology. The group is, however does not official represent the Chinese government. The CCID’s latest technical assessment evaluated projects based on three aspects, namely: basic technology, applicability, and creativity. After EOS came to Ethereum, followed by proof-of-believability IOST, the Justin Sun-backed Tron blockchain, and Tezos, in that order.

Additionally, CCID specialists highlighted the progress of the Ethereum network, which recently launched the Altair upgrade to pave way for ETH 2.0. The panel also noted the debut of the NEO N3 Mainnet and the release of Dash platform v0.20 testnet.

Additionally, CCID awarded EOS the highest points (105.4) for basic technology. Ethereum led in terms of applicability (33.4), while Bitcoin topped in the creativity category (44.8).

EOS market outlook

Named after the Greek word for “Dawn”, the EOS.IO platform was developed by private company Block. one, and released in 2018. The network claims to have a transaction speed of millions per second with zero fees on transactions.

Between 2017-2018, the Hong Kong-based firm conducted the longest-running Initial Coin Offering (ICO) in history. Renowned figures such as PayPal co-founder Peter Thiel backed the project. Around $4.3 billion was realized from the token sale, which Block.one was used to support the EOS blockchain.

However, in late 2019 the Securities and Exchange Commission (SEC) came after the company and its network. The allegations were the sale of unregistered securities through its ICO and inappropriate investor disclosure. Block. one neither admitted nor denied the regulator’s allegations. The firm, however, agreed to a $24 million settlement, or about 0.58 percent of the amount raised during the ICO.

Adding insult to injury was a report that surfaced last month from the University of Texas. The publication alleged the EOS ICO was marred by wash-trading to create synthetic coin demand.

Price developments

In early 2018, the EOS token struck its all-time high above the $20 mark. Following penalties by the regulator, the token dropped below $5. EOS started to gain momentum in the mid-May year when it climbed to a high of roughly $14. Thereafter in June, the token nosedived back below $7.

Bullish sentiments reigned in May when Block.one announced investing $10B in a new crypto exchange – Bullish Global. The same happened in July when EOS announced plans to list on the New York Stock Exchange (NYSE) through a SPAC merger. However, the EOS token is still about 77 percent away from its ATH. At press time, EOS was trading at $4.46 according to our data.

Der Beitrag EOS selected as the best blockchain worldwide in the latest China rankings erschien zuerst auf Crypto News Flash.

Foul play took place during the EOS token sale four years ago, University of Texas’s researchers has alleged. Based on its 2017 white paper, the EOI.IO blockchain protocol was developed by Block.one. Thereafter, between 2017 and 2018, an Initial Coin Offering (ICO) of the EOS token was conducted. The ICO made a record $4.362 billion, making it the biggest token sale.

Industry heavyweights such as PayPal co-founder Peter Thiel backed the project. Others include billionaire hedge fund managers Alan Howard and Louis Bacon.

That said, fresh findings have surfaced entitled “Were ETH and EOS Repeatedly Recycled during the EOS Initial Coin Offering?” Professor John Griffin of the Austin McCombs School of Business and Integra FEC financial analysis firm published the report dated Aug. 31. The research alleges that wash-trading led to the EOS 2018 price hike.

Notably, a wash-trade is a form of market manipulation in which an investor(s) simultaneously buys and sells the same asset. This repeated action creates misleading artificial activity in the marketplace thereby inflating the price of the asset.

EOS wash-trading

According to the paper, the EOS wash-trading took place on the Binance and Bitfinex crypto exchanges. The research, however, does not point a finger at Block.one for any wrongdoing. The firm (Block.one) also cited a July document authored by law firm Clifford Chance LLP stating there was “no evidence that Block.one purchased tokens on the primary market.”

As Griffin wrote of the wash-trade:

First, it directly manipulated EOS’s offering price upward through the extra buying and inflated the market value of the token. Second, it created the false impression of the value of the token which enticed others to want to purchase the ICO token.

Suspect Ethereum accounts, a total of 21, were created for the sole purpose of EOS recycling. Ether was the only cryptocurrency used to purchase EOS during the ICO. Suspect funds amounted to 1.2 million ETH, worth roughly $815 million at the time. A “significant portion” of raised Ether appears to have been “recycled by transferring the ICO contributions through a series of obfuscating intermediary accounts and finally arriving at Bitfinex.”

2.895 million Ether ($1.721 billion), or 39 percent of the Ether raised in the crowd sale, are also traced from the ICO crowd sale wallet back to Bitfinex.

On top of that, Griffin noted that these suspicious accounts accounted for almost a quarter of EOS purchases then. Robert C. Hockett, a professor of law at Cornell Law School, confirmed the story following a month-long investigation alongside Bloomberg.

The fall

The same Griffin published the report “Is Bitcoin Really Un-Tethered?” in Oct. 2019. In it, he claimed the leading stablecoin, Tether (USDT), was wash-traded to bolster Bitcoin prices during the 2017 bull run. Later on, iFinex, the firm behind Tether disregarded the claims as “reckless and false.”

Manipulation or not, EOS now trades at just $5, down 77 percent from its April 2018 record high of $22.70. EOS has also plummeted to rank 35th from its 2018 top-five position by market cap.

Der Beitrag Report shows EOS ICO was marred with wash-trading from 21 accounts erschien zuerst auf Crypto News Flash.