Investors initiated an investigation into Tezos

Boston law firm Block & Leviton LLP started the investigation of the Tezos case
23 October 2017   3437

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.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   965

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.