Around three months ago, a project titled “Tezos” managed to raise around $232 million through an initial coin offering or ICO. An ICO is essentially where companies offer coins instead of traditional items like stocks, wherein then the coins can be traded for fiat currency or held onto for investment purposes. The use of ICOs has become incredibly popular but also demonized for its sometimes illegitimate practices.
The venture that managed to do so well, is now in danger of falling apart due to a battle that is going on behind the curtain. The founders of the company, Arthur and Kathleen Breitman are going up against the president of a Swiss foundation, Johann Gevers. Gevers helped the two to handle promoting the ICO as well as establishing it in the industry.
Under the law in Switzerland, the firm which has now amassed a staggering $400 million in value, is supposed to be solely independent. The Tezos are now attempting to get Gevers out of the company so they can be in control all themselves.
The attorney for the Breitmans mailed a 46-page letter stating that the board would have to remove Gevers and restructure the company. Apparently, Gevers’ partook in “self-dealing, self-promotion and conflicts of interest.”
Gevers stated that he will not be stepping down and “as Arthur has done to others before me, this is attempted character assassination. It’s a long laundry list of misleading statements and outright lies.” The other two board members allegedly “are attempting an illegal coup.”
The news of this comes at a critical time for cryptocurrency. Cryptocurrency has become extremely popular and appears like it will only continue to rise in popularity. As problems in the industry diminish, more and more will flock to it given the possibilities it has.