Investors initiated an investigation into Tezos

Boston law firm Block & Leviton LLP started the investigation of the Tezos case
23 October 2017   2697

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.

Algorand to Raise $60M in 4 Hour Tokensale

The project was founded by a MIT professor and a Turing Award winner Silvio Micali and is designed to solve the problems of scalability and consensus in the DLT
20 June 2019   79

The blockchain-project Algorand, aimed at creating an “borderless economy ”, announced the successful completion of the  ALGO tokensale, during which it raised over $ 60 million, CoinDesk reports.

The campaign was held on the CoinList platform and was conducted in the format of the so-called “Dutch auction”, in which the highest price is first announced, after which it gradually decreases.

Simultaneously with the completion of the tokensale, it was announced the launch of the main network of the Algorand. The platform processes 1000 transactions per second with a delay time of less than 5 seconds, which, as noted, puts it on par with such major payment networks as Visa and Mastercard.

In his work entitled The Monetary Experiment: Algorand A Thesis For Algo Currency Markets, the head of Arrington XRP Capital, Michael Arrington writes that Algorand is a project where macroeconomics meets cryptocurrencies. He also notes that Algorand, as a blockchain-resistant Proc-of-Stake algorithm, is distinguished by a combination of advanced cryptography and a smart economic model.

The Algorand project was founded by a professor at the Massachusetts Institute of Technology and a Turing Award winner Silvio Micali. The main task of Algorand is to solve the problems of scalability and consensus in the blockchain.

As noted, the exact number of buyers who participated in the auction remains unknown, but because of high demand, the campaign lasted less than four hours. In total, 25 million ALGO tokens were distributed with a starting price of $ 10 and a closing price of $ 2.40.

Representatives of the project also stated that since tokens are distributed to customers' wallets and are not available on stock exchanges, there is no need to talk about any value of Algorand market capitalization.

Algos are being dispersed to wallet right now (for successful bids).  Therefore – there are non on exchanges. [Therefore, no market capitalization is available for Algorand, though some have speculated it sits around $6 billion.] Which is still a top 10.

Algorand Team

Earlier, the project announced plans to auction 600 million ALGO tokens per year, and in the first five years it is planned to release 10 billion tokens.

Also note that over the last year, Algorand raised $ 66 million in venture capital from investors such as Union Square Ventures and Pillar Venture Capital.