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EOS Plummets After Dan Larimer Quits Block.one

Serial blockchain entrepreneur Dan Larimer announced he resigned from Block.one, the company that raised $4 billion to build the software behind the EOS blockchain.

Larimer announced his resignation from his position as Chief Technology Officer on the crypto project Block.one. In a blog post on Voice, a social network platform built on the EOS blockchain and founded by Block.one, Larimer said that he had formally resigned on New Year’s Eve. 

Larimer co-founded Block.one and had served as its CTO since April 2017. Block.one raised $4 billion in an initial coin offering (ICO), the largest ICO in history, to build EOS, a rival blockchain to Ethereum. 

Following the news, the price of EOS dropped to as low as $2.75, before rebounding to $3.75. EOS is currently trading at $2.93, down 21.8% over the last 24 hours. EOS now has a market cap of $2.77 billion, according to CoinGecko. 

“Alas, all good things must come to an end,” wrote Larimer. On his next steps Larimer says:  “I will continue on my mission to create free market, voluntary solutions for securing life, liberty, property, and justice for all. I do not know exactly what is next, but I am leaning toward building more censorship resistant technologies.”

As a serial blockchain entrepreneur, in 2013, Larimer founded BitShares alongside Charles Hoskinson, a co-founder of Ethereum, also the founder of another blockchain project Cardano. Larimer later founded the Steem blockchain in 2016.

Block.one confirmed the departure, saying Larimer “left to pursue new personal projects.”

“I’m not alone in being grateful for the contributions Dan has made to date, and I look forward to seeing what he will do next,” Block.one CEO Brendan Blumer said in a statement.

Meanwhile, Block.one is reportedly sitting on a massive reserve of Bitcoin (BTC). Previously, Blumer announced on Twitter: “We have accumulated well beyond our previously announced 140,000 #BTC position.”