EOS Token Slides Following The Exit Of Block.one CTO

The price of EOS has fallen by 16%, apparently as a market reaction to the sudden exit of Dan Larimer, the company’s chief technology officer (CTO). Though he has not been explicit about his next move’s direction, a detailed look at his blogging history hints that he may delve into the world of politics.

Today, Larimer disclosed his exit as the CTO from the cryptocurrency company Block.one publicly. He first made this known via Voice, the company’s online forum. He explained in a blog that he tendered his resignation on December 31 last year.

The performance of EOS over the years

He became part of the Block.one crypto undertaking in 2017, the year it got over $4 billion in its initial coin (ICO) offering aimed at offering EOS, an alternative program to Ethereum. Meanwhile, in 2019, the Security and Exchange Commission slammed them with a fine of $24 million.

On September 30, 2019, the SEC announced a $24 million penalty, with the SEChaving found the company guilty of offering unregulated initial coin offering through which they raised billions of dollars. The company disclosed that it would spend the funds raised on general expenses and blockchain project in the SEC’s statement.

The SEC revealed that many investors partook in the offer. It reiterated the SEC’s order that any company that intends to sell securities to the public must abide by the law, regardless of the category of the business they deal in or the name they give their product. SEC added that Block.one failed to furnish investors with the needed information as stakeholders in their project.

Larimer’s next step

On December 31, Larimer officially tendered his resignation letter as Chief Technology Officer of the digital currency company. Before his exit, he had been standing in defense of freedom of speech. His blogging history suggests he may be delving into the realms of politics.

While hinting on his next move after his exit, Larimer promised not to relent on his resolve to establish a “free market,” charitable endeavors to ensure the security of life, property, freedom, equity, and equality before the law. He was not quite explicit about his specific move. But he promised to commit himself more towards creating more “censorship-resistant technologies.”

Meanwhile, it can be inferred from his blogging history on Voice accusing his Twitter followers of defending rigged elections. In similar tweets, he vowed to fight against the move to deprive citizens of freedom of speech. These indicate he might be dedicating more of his time to politics in the years ahead.

Larimer also declared that he had boycotted the social media platform, Twitter accusing it of excesses in its censorship, apparently referring to President Trump’s current Twitter ban. He also criticized other companies like Twitter for their threats against Trump. He says he has withdrawn his loyalty to Twitter and its counterparts that banned the president.

Meanwhile, the company has confirmed his exit. A statement released by the CEO, Brendan Blumer, acknowledged Larimer’s intention to seek a new path. He expressed appreciation for Larimer’s contributions to the growth of the company.