From "Ethereum killer" to seaside villa – The story of EOS and Brendan Blumer

Brendan Blumer, CEO of Block.one and co-founder of the EOS blockchain, has just purchased a villa worth 172 million USD in Sardinia. This luxurious property has 28 bedrooms and was previously owned by the former Saudi Arabian Oil Minister and before that by Henry Ford II. This is one of the largest real estate deals in Italian history. But where did the money come from? The answer: Crypto 💸 Largest ICO in History – Success or Century's Scam? In 2017, Blumer and his team raised over 4 billion USD through the ICO of EOS. This remains the largest token issuance ever conducted. EOS is promoted as the optimal smart contract platform over Ethereum, with fast transaction speeds, no gas fees, and strong scalability. Those who believe in EOS expect it to "beat" Ethereum and become the dominant blockchain. But what happened? 🚨 EOS peaked at 22.71 USD in 2018, but is currently only around 0.78 USD, a decrease of over 96%. The EOS ecosystem is nearly collapsing. The number of developers leaving the project is increasing, dApps have no users, and liquidity on-chain is nearly depleted. Block.one did not build as promised. Despite raising 4 billion USD, most of the funds were not reinvested into the development of the EOS ecosystem. Instead, the company bought Bitcoin and invested in other areas. Money Doesn’t Disappear, It Just Changes Hands Those who bought EOS in hopes of "flipping Ethereum" are now left with worthless tokens. Meanwhile, the founders and team behind EOS are richer than ever. They exchange tokens for USD, Bitcoin, and luxurious real estate. The 172 million USD villa in Sardinia is one of the clearest examples of how the flow of money from investors has moved into the pockets of the project's founders. How many times have we seen this scenario in the crypto world? Create hype, raise huge funds, tokens soar high, and then the project sinks into oblivion, while the founders enjoy a lavish life. If you ever bought EOS believing it would replace Ethereum, then in reality, you just funded someone's villa. A costly lesson on the road to conquering crypto! 🚀