Lawsuit Against Tezos ICO Investigates Securities Fraud

Boston based law firm Block & Leviton has initiated an investigation into the Tezos Initial Coin Offering (ICO). Tezos raised about $232 million in one of the largest ICOs of all time several months back. Since the date of the ICO the price of Crypto has skyrocketed with some estimating the value of the Tezos ICO topping a whopping $400 million.  An added twist to all of this is the fact the principles engaged in the Tezos ICO have started to squabble.

Tezos co-founders Arthur and Kathleen Breitman have accused Johann Gevers, President of the Tezos foundation, of inappropriate actions. Gevers says it is all a bunch of lies.

Block & Leviton point to the fact that futures that trade off of implied valuations of Tezos or “Tezzies” (as the tokens are named), tanked following the public revelation of the internal dispute. Apparently the futures dropped by 60% at one point.

In a situation like this, there is one group that always wins. The lawyers, of course. It will be interesting to observe whether the Tezos founders and Tezos Foundation can come to some sort of understanding.

 

 

 


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