Fourth Class-Action Suit Filed Against Tezos

Lawsuit against one of the most successful ICO states that tokensale's organizers violated U.S. securities laws
18 December 2017   1460

Another, fourth lawsuit was filed against one of the most successful ICOs of this year, Tezos. This is reported by the CoinDesk.

Plaintiff Bruce MacDonald in lawsuit from 13 Dec calls for or a temporary restraining order on the assets raised during the token sale. Defendants are: 

  • Tezos founders Arthur and Kathleen Breitman 
  • Dynamic Ledger Solutions, Inc.
  • the Tezos Foundation
  • Johann Gevers 
  • Diego Ponz and Guido Schmitz-Krummacher (who resigned last week) 
  • Cryptocurrency brokerage Bitcoin Suisse AG and its co-founder, Niklas Nikolajsen 

The lawsuit states that the Tezos tokensale's organizers violated U.S. securities laws, very similar to three collective lawsuits from the past. 

In sum, Defendants capitalized on the recent enthusiasm for blockchain technology and cryptocurrencies to raise funds through the ICO, illegally sold unqualified and unregistered securities, used a Swiss-based entity in an unsuccessful attempt to evade U.S. securities laws, and are now admittedly engaged in the conversion, selling, and possible dissipation of the proceeds that they collected from the Class through their unregistered offering.

New Lawsuit

The application for the temporary restraining order, submitted on Dec. 14, argues that the Tezos ICO holdings are worth around $1 billion. It seeks to prevent the sale or transfer of the digital assets raised during the sale, alleging that "as cash, it can disappear quickly into the void."

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   88

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.