Tezos: another lawsuit

As before, the founders of Tezos are suspected of violating the securities laws during the ICO 
16 November 2017   2167

New collective lawsuit has been filed against the founders of the Tezos project. This is reported by CoinDesk.

As before, the founders of Tezos Arthur and Kathleen Breitman are suspected of violating the securities laws during the ICO in July, during which $ 232 million was raised. Among the suspects are not only the Breitman couple, but also the Tezos Foundation and Dynamic Ledger Solutions. The Dynamic Ledger Solutions is a Delaware-based company that owns the intellectual property of Tezos.

Also, the aforementioned individuals and companies are charged with fraudulent sales of Tezzies tokens under the guise of charitable contributions and the misappropriation of "tens of millions of dollars."

Notwithstanding the defendants' attempts to avoid governmental and private scrutiny, it is clear that the financiers were indeed profit-seeking investors in a security and that Defendants promoted and conducted an unregistered offering of securities, not a charitable fundraiser. Due to the many misrepresentations, factual omissions and unlawful activities engaged in by the defendants – it appears [participants in the ICO] cannot, and potentially will not, see any return on their investments.
 

Second lawsuit against Tezos

According to Reuters, in the opinion of representatives of the Swiss broker Bitcoin Suisse, who contributed to the project's attraction of $ 232 million, Tezos investors should not expect to receive reimbursement. At the same time, the broker said that he does not have information that investors' funds are "lost or exposed to unreasonable risk."

In addition, Bitcoin Suisse reminded investors demanding the return of their money and compensation for damage, that they took part in a high-risk project, and the terms of the deal "do not provide for mandatory refunds due to regulatory and practical considerations."

Due to the trial, the date of the project's launch was postponed. It is also noteworthy that investors did not get their tokens, because the ICO conditions stipulate the distribution of Tezzies tokens only after the launch of the main Tezos network.

It is also worth noting that Arthur Breitman has an active Twitter account with no posts, related to lawsuits, but with regular dev. updates.

Missis Breitman has a Twitter account with no lawsuits info too, but with posts, related to sports and feminism.

Also, Breitman couple reported recently that development is ongoing and "it will be resolved in due course". 

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   319

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.