Response to Paper on EOS ERC-20 Token Sale

On September 1st Integra FEC and John Griffin published an accusatory, self-described “brief research report” of the EOS ERC-20 token sale. The paper makes untrue allegations inconsistent with a recent token sale review by leading law firm Clifford Chance, and with the assistance of a top four auditor, PwC Hong Kong.

The paper willfully attempts to suggest the existence of collusive behavior, but uses speculation without providing sources of information. The paper’s conclusions are inconsistent with publicly available historic pricing data, and highlights a fundamental lack of understanding of crypto market structure, market-neutral arbitrage trading behavior, and other use cases for dollar cost-averaging into the token sale. No evidence or facts support its conspiracy. 

Block.one had no involvement in, nor knowledge of, any collusion whatsoever through the EOS ERC-20 token sale.

It is beyond our intention to speculate on the numerous arbitrage opportunities that existed throughout the sale, and the many other reasons that large token holders, exchanges, or eventual block producers accumulated or resold tokens throughout.

John Griffin has a history of similar reporting targeting other cryptocurrency institutions for behavior that time has proven is inconsistent with reality and has required retraction.

Block.one holds itself to a high standard of compliance, and consistently provides highly detailed information to regulators and professional institutions. It is this foundation on which we continue to grow our company and propel the industry forward.

About Block.one

Block.one is an asset holding and investment company that creates, incubates, and invests in  businesses that build trust in transactions, transparency in systems and efficiency in how our world works. Through strategic capital allocation and pioneering business ventures, Block.one has funded more than 100 innovative entrepreneurs to date. Block.one group companies, Bullish and Voice, are empowering people to architect integrity across the financial services industry and social media ecosystem. Block.one is also the creator of EOSIO, a highly performant open-source blockchain software, built to support and operate safe, compliant, and predictable digital infrastructure.

Led by veterans of innovation, Block.one is backed by some of the most successful investors of our generation. For more information, please visit b1.com.

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