Tezos Hired New CEO

Mr. Haussmann, new CEO of Tezos, is a Swiss chartered accountant who has been working with the Haussmann Group since 1999
01 February 2018   570

Lars Hausmann will replace Guido Schmitz-Krummacher as CEO after he left the Tezos fund in December amid scandals within the project management. This is reported by Finance Magnates.

The Board will now focus on setting up operational systems and organizational arrangements for the Foundation, including updating its administrative and accounting processes. These steps will allow the Board to further the Foundation’s central mission, the development and promotion of the overall Tezos ecosystem.
 

Tezos Announcement

Haussmann is one of the top managers of the accounting company Haussmann Treuhand AG. Whether his candidacy was agreed with the founders of the Tezos project by Arthur and Kathleen Breitman is not yet known. 

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3 ICOs of Extrabit banned by Alabama Securities Watchdog

Alabama Securities Commission (ASC) has ordered alleged cryptocurrency mining firm Extrabit to stop its token sale offering in the state
25 May 2018   57

The U.S. state's securities regulator, the Alabama Securities Commission (ASC), has supported its colleagues in Texas and New Jersey in hitting out at ICOs that are soliciting local citizens. The cease-and-desist order which was published yesterday  claimed that the agency has ordered purported cryptocurrency mining firm Extrabit to cease its token sale offering in the state.

The ASC declared the company has been illegally begging Alabama investors with what it considers an unregistered securities offering after it announced its token sale on the website of WSFA, an NBC-affiliated TV station recognized in the state capital, Montgomery. While presently the online advertisement appears to have been taken down, the agency said in the order that the firm originally claimed that investors in the pre-ICO phase could buy Extrabit's token "EXB" at half price.

The advertisement claimed that in order to take part in the pre-sale, the user should invest $20,000 and after the purchase, the tokens will be sent to MyEtherWallet within 48 hours. Then, Extrabit's white paper states that, since the firm generates its profits chiefly from mining bitcoin, zcash and monero, it pledges a 185 percent return on investment every quarter for investors who maintain a positive balance in their EXB wallet.

As well as offering unbooked securities, the ASC said the project made "materially misleading" suggestions to deceive investors. Extrabit is not the only token project that is targeting residents in Alabama. A Google search for "token sale" on the WSFA website currently comes up with over 200 press release-style ads from various ICO projects. 

The ASC has also checked two other token sale projects, called LEV and Platinum, with cease-and-desist orders entered on May 2 and May 18. Like with Extrabit, the agency charged the two projects of selling unregistered securities in Alabama while making vaporous promises to potential investors over the likely returns on investment.