All Proceeds from EOS is revenue for a private company in the Cayman Islands

From the EOS Faq:

"Proceeds from the EOS Token distribution will be the revenue of block.one"

What does this mean? As a private company registered in the Cayman islands, Block.one can spend the raised funds in any way they wish.

Their EOS Ico has already raised close to $300 million and the ICO is ongoing until June 18, 2018. Holy F, what a hoax.

Sad for everyone who trusted these people with their money and get completely burned now

$300 million to build a blockchain that mainly uses existing tech from BitShares? Give me a break. $300,000 would be too much for this already.
$300 million? Borderline insanity.

And it gets even worse, they put a further huge provocation on top of that, as Block.one is entitled to 100 million tokens (10% of the total token supply) in addition.

This is hands down the most brazen thing I have ever seen on the Internet. The crypto community must work and strike hard against this obvious rip-off. Get lost EOS guys