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Several early executives at Block.one, the startup behind the EOS blockchain ecosystem, have reportedly left the company just months after it closed more than $4 billion in total funding.

The executives include David Moss, Thomas Cox, Brian Abramson and Corey J. Lederer, who were the second, third, fourth and fifth employees, respectively. After joining a year ago, the four left in the summer, in addition to a number of leading development contractors.

The group is reportedly pursuing an alternative venture, StrongBlock, a new blockchain project that is currently in stealth mode.

“We left because we saw a need in the blockchain marketplace that Block.one was not going to address,” said an unidentified employee in the report.

Block.one raised $4 billion via its EOS token sale, which was enough to eclipse this year’s largest IPO and more than double the next largest ICO. Shortly after the sale, Block.one closed an additional investment round for an undisclosed amount led by billionaire investor Peter Thiel and ASIC mining chip maker Bitmain.

EOS (EOS) is a blockchain platform well-known for its delegated proof-of-stake (DPoS) consensus model which works to speed up transactions and block creation at the expense of some level of decentralization.

While the blockchain has struggled out of the gate, due in large part to defective source code and issues with block producers, EOS has gained some momentum in recent weeks. Earlier this month, reports showed that EOS surpassed Ethereum (ETH) in daily decentralized application (dApp) users and transaction volume.

More recently, Bancor (BNT), an autonomous liquidity protocol for ERC-20 tokens, announced that it will be expanding to launch BancorX, a decentralized cross-blockchain liquidity network supporting both the Ethereum and EOS mainnets.

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It is unclear at this time in regards to the implications of the departures, and Block.one has not released any further clarification.

EOS currently has a $4.88 billion market cap, making it the 5th largest coin in the in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: Early Execs Leave Block.one, The Peter Thiel-Backed Crypto Startup Behind EOS
Similar: Block.one Raises More Money via Investment Round Led by Peter Thiel and Bitmain
Photo: Marco Verch / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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