Tezos ICO Promoters hit With Second Class Action Lawsuit

November 16, 2017 | Back to News

The organisers of the Tezos ICO have been hit with another lawsuit for its controversial fundraising with a token sale.

As per the allegations, $232 million was raised to issue a new cryptocurrency by deceiving investors. Moreover, there was no clear end date to fund the development of the transaction system.

Coral Springs-based law firm Redmins filed the class action lawsuit in a US District Court in Florida. According to the court documents, the allegations against Tezos’ organizers are that they broke US securities laws and defrauded and misled participants in the online fundraiser.

The defendants are Arthur and Kathleen Breitman, the co-founders of the project; their Delaware-based company Dynamic Ledger Solutions, which owns the rights to the transaction system’s code; and the Tezos Foundation, a Swiss entity that was set up to carry out the fundraiser.

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