Tezos: new lawsuit on the way

Hagens Berman, law firm from US, is investigating the case of Tezos
23 November 2017   1281

The law firm Hagens Berman is investigating the case of Tezos. Investors of the project suffered significant damage, and the organizers of the ICO ignored the requirements of the American regulator on mandatory registration of securities, which are Tezzies tokens.

Moreover, when the SEC announced that DAO tokens are securities within the meaning of the federal securities laws, and that DAO’s or other distributed ledger or blockchain-enabled means for capital raising must comply with the U.S. federal securities laws, and that such tokens must be registered with the SEC or qualify for an exemption in July 2017, Defendants were put on notice that they had to comply with the securities laws, including, for instance, registering the Tezos tokens with the SEC as required.  Nonetheless, during July 2017, Defendants conducted the Tezos ICO and sold over 607 million unregistered Tezzies to the public in exchange for digital currency worth approximately $232 million at the time.

Hagens Berman Announcement

According to the lawyers of the company, the organizers of ICO Tezos knew about the need to comply with US securities laws and register tokens in the SEC, but ignored this fact and sold more than 607 million tokens to the investors.

Tezos investors have sustained significant damages by investing in the ICO.  Not only did the Defendants disregard the SEC’s registration requirements but the delay in the launch of Tezos token has forced investors to helplessly watch as their funds are tied up by people skirting the law. 

Reed Kathrein
Hagens Berman partner

Hagens Berman encourages Tezos contributors to contact their lawyers, help with the investigation, or contact the US Securities and Exchange Commission (SEC).

According to the SEC informants program, those who provide interesting information that will help to return the depositors' funds can receive a fee of 30% of the amount of the refund.

As we mentioned in article about another Tezos lawsuit, Arthur and Kathleen Breitman both have active Twitter accounts. But same as before, no lawsuit-related posts or information can be found there. 

TenX to Confirm Founder's Relation to Lyoness Pyramid

From 2011 to 2015, Julian Hosp was a “member” of Lyoness
10 December 2018   88

Representatives of the blockchain start-up TenX confirmed that TenX founder Julian Josp was involved in the activities of the Austrian financial pyramid Lyoness.

TenX's Reddit report says that from 2011 to 2015, Julian Hosp was a “member” of Lyoness. In the company he was engaged in marketing, sales, held lectures for other participants of the company. However, at the end of 2015, Hosp broke all ties with Lyoness.

Earlier, The Financial Telegram reported that TenX Hosp tried to remove all public data linking it with Lyoness before the ICO project. However, according to TenX, Julian Hosp never concealed that he was associated with Lyoness and even wrote about it in his book “25 Stories I Would Tell My Younger Self (2015)".

We would also like to clarify that the stories contained in the online articles and Julian’s past affiliations with Lyoness bear no relevance to TenX, and TenX has had no connection, association and/or affiliation with Lyoness at any time.

TenX at Reddit

According to Breaker, Lyoness is recognized as an illegal fraudulent scheme by the Supreme Court of Switzerland, the Austrian civil court and the Norwegian Gambling Council. About the connection of Hosp with the project it became known thanks to the “training” video from Lyoness, allegedly voiced by his Julian.