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   1020

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."

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Top-3 Ongoing ICO 8th - 14th July Acc. to Our Readers

Let’s check which ongoing ICOs from 8th to 14th July are considered the best among our readers
16 July 2018   158

Our readers are dedicated cryptocurrency enthusiasts and fans of blockchain technology. We provide them with the ability to express their opinion regularly. Let’s check top three upcoming ICO according to our readers.

1. i-chain 

Insurance platform and ecosystem, which will transform world insurance industry. Platform which the will automate insurance business, which will run over blockchain to ensure transparency, which will be provided for free. I-chain will ease barriers for new players to tap the insurance market; it will allow insurance companies to significantly cut their costs and get access to new customers; it will allow consumers to get tailored insurance products at lower prices. Insurance companies will be able to develop and sell their own insurance products on the platform, saving a big chunk of operational costs by using the built-in functionality. Micro-businesses will be able to provide tailored services, such as a call center in a specific language or expertise in certain areas, and many more. Individuals will be able to provide small services as insurance brokers or emergency commissioners, and many others. Global and Independent software developers will be able to offer their applications and services to insurance companies on the platform’s internal marketplace, similar to the AppStore. Together, this will make insurance more affordable and fair and will stimulate the growth of the USD$4+ trillion global insurance market. Project has got positive feedback in media.

There's no info on the raised funds.

2. Smart City Eco 

Smart City Eco is targeting all mayor global economy industries, we want to provide smart solutions based on blockchain technology and target most lucrative. Tapping into global markets and multi-trilion dolars industry. Our platform will be solution for all mayor players in global online economy: Online-Shopping and E-Commerce worldwide is worth trilions of dollars, online gaming and gambling industry is a bilions of dollars industry, online gaming which has unlimited potencial, implemented in one online smart platform can bring a smart economy progress and development of new technology on top of it. On top of that add economy into the equation and you will create utopia for online consumers, with limited number of tokens, that can not be printed anymore on top of it and by number of tokens decreasing by burning the part of extra tokens, we have created solution for few of the worlds most prominent problems that is money, poverty, inequality in society. Help us join our journey.

There's no info on the raised funds.

3. LipChain 

Surfers with sponsors, unofficial competitions and year-round training habitat. 60m+ worldwide surfers will be able to earn tokens by simply practicing their favorite sport, can become champions faster and contribute to cleaner oceans in the process.

LipChain ICO
LipChain ICO

There's no info on the LipChain raised fund except pic above.

We will keep our eyes on these projects. Stay tuned!