Investors initiated an investigation into Tezos

Boston law firm Block & Leviton LLP started the investigation of the Tezos case
23 October 2017   2156

The Swiss blockchain startup Tezos, having been in the spotlight last week due to internal conflict, has now become the object of an official investigation initiated by a number of investors in the ICO project. This is written by Merkle.

Investigation of the Tezos case was confirmed by the law firm Block & Leviton LLP based in Boston. The investigation is for the benefit of investors who took part in the ICO project last summer.

Having managed to attract more than $ 230 million within the crowdsale, the project encountered a number of problems, such as:

  • delay of the tokens launch;
  • internal conflict.

At the same time, the apparent lack of prospects for an early resolution of internal contradictions attracts even more attention to Tezos.

Concerns of investors about the current situation are understandable, since the future of the project is currently under big question.

Block & Leviton LLP recommends that all participants of ICO, who care about the fate of their investments, contact the company as soon as possible. At the moment, two lawyers are engaged in the investigation of the Tezos case, which are actively searching for persons who can provide them with information potentially useful for investigation.

Moreover, as it was made clear by Block & Leviton LLP, that it is possible that ICO Tezos was conducted in violation of securities laws. If this is confirmed, the situation for the project and its investors will only worsen.

Tezos positions itself as a network protocol for secure and time-ready smart contract systems. According to the founders of the project, Breitman, the platform focuses on such fundamental aspects as transparency, security and governance through consensus.

Malaysia to Issue Law on Digital Currency

Starting from 15.01.2019, organizers of illegal ICO in Malaysia will face up to 10 years in prison
14 January 2019   110

The law on digital currencies and digital tokens of Malaysia will come into force on Tuesday,  The Star reports. From this point on, any citizen of a country who will be found guilty of conducting an unregistered Initial Coin Offering(ICO) or organizing a platform for exchanging digital currencies without authorization may face up to 10 years in prison and a fine of $ 245,000.

Malaysian Finance Minister Lim Guan Eng on Monday confirmed the information that the law enters into force on January 15. It is expected that the relevant legal framework will be fully defined before the end of the first quarter.

In accordance with the new law, digital currencies and tokens are considered securities and are regulated by the Securities Commission (SC).

Lim also noted that the financial instruments described in the law and related activities must first be approved by the SC and comply with all established requirements for securities.

In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses, and an alternate asset class for investors. 
 

Lim Guan Eng
Finance Minister, Malaysia

According to Lim, SC will now develop regulatory requirements for ICO organizers and trading platform operators.

In November last year, Lim offered to oblige all cryptocurrency issuers in Malaysia to seek advice from the country's central bank.