Enlarge (credit: Money)
Tezos, a blockchain technology project that made headlines in July by raising $232 million, has been hit with its second class-action lawsuit in less than a month.
It’s the latest blow for the project’s founders, husband-and-wife team Arthur and Kathleen Breitman.
The Breitmans promised to build a blockchain with a revolutionary new governance model that would avoid the kind of strife that has plagued the Bitcoin world over the last few years.
Instead, Tezos itself has been engulfed in controversy since its fundraiser ended.

The couple is locked in a bitter conflict with Johann Gevers, the man they picked to lead the Tezos Foundation.
The big question hanging over the Tezos project is whether its so-called initial coin offering violated US securities laws.

Those laws require companies to register with the Securities and Exchange Commission (SEC) before they can offer securities to the public.

The lawsuits argue that, legally speaking, the Tezos crowdfunding campaign was a sale of securities, and so the Breitmans broke the law by ignoring SEC rules.
Read 24 remaining paragraphs

Leave a Reply