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
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.
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."