CryptoChild: Know Your History
Know Your History - CryptoChild
Tezos - a non-refundable donation
A Tezzie for your thoughts
During the ICO mania in 2017, Tezos raised 65,703 Bitcoin and 361, 122 Ethereum (then $232 million) from investors. It was one of the most hyped ICOs and raised ten times the estimate. The project countered significant delay while the founders – Arthur and Kathleen Breitmans and Johann Gevers, president of the Swiss Foundation (set up by the Breitmans) - battled for control over the project while holding onto investor funds.
The problem: the Breitmans owned Dynamic Ledger Solution Inc, and the Foundation was to buy DLS and all its property rights and the Breitmans and their investors would receive 8.5% of all ICO funds and 10% of all the Tezzies. However, under Swiss law the Breitmans were barred from sitting on the Foundation’s board and the Foundation controlled the ICO funds.
Tezos, promoted as a crypto that wouldn’t have governance issues and would issue tokens in 2-4 months, was now significantly delayed due to governance issues tying up investor funds in the process.
A class-action lawsuit was filed in California state court where the plaintiffs (and eight months later four class actions) were seeking a refund and damages. Investors were told they were making a "non-refundable donation" to the Tezos Foundation and may never receive any Tezzies.
Tezos - a non-refundable donation
A Tezzie for your thoughts
This is CryptoChild making Trashart. Sorry, Ma, it’s for the 555.
100 Editions
2022
Further reading: https://www.finews.com/news/english-news/29289-tezos-johann-gevers-ico-swiss-foundation-dispute-bonus
https://medium.com/@arthurb/the-path-forward-eb2e6f63be67
https://hackernoon.com/the-curious-tale-of-tezos-from-a-232-million-ico-to-4-class-action-lawsuits-6f411b7aad7e
