The Tezos project was one of the blockchain-based startups that looked quite promising on its inception. They managed to raise $230 million in their ICO but soon afterwards let it slip away. The recent incident involving Tezos is as the result of a blog post that the President made. Johann Gevers, who is the President of the project’s Swiss foundation, wrote in a blog post that he was backing down from the foundation that controls the funds from the ICO. This is after it emerged that he was engaged in a battle with co-founders of Tezos, Arthur and Kathleen Breitman. However, he took down the blog post shortly afterwards.
What the Blog Post Said
However, he was not fast enough, as Reuters managed to get hold of it. In the news report, it was also reported that the ICO funds were no longer frozen and Tezos would be able to pay service providers. In the blog post, Gevers stated,
I have consistently communicated … my intention to step back from the Foundation as soon as things are on track with a new board that is independent and has the support of the Tezos community.
When asked about it later, Gevers said that he had taken down the blog post. He, however, said that both he and the Tezos foundation remained committed to communicating any developments to the community despite various constraints imposed on them. The blog post was pu up on Medium, since the Breitmans still have control of the website. This is a clear indication that tensions have not eased between the parties.
Tezos Is Trying to Move On
Despite the various challenges, Tezos is still trying to move on. Recently, a board member defected from the project, but he was shortly after replaced. The action was prompted by the ongoing battle between Gevers and the Breitmans for control. However, the damage has already been done. In fact, swapping out board members will have little impact on those who bought the Tezzie tokens. They are the true victims of a stalled project caused by bitter infighting. Already, a number of lawsuits have been filed against the company for failing to register the token sale with regulators.
To make matters worse, Kathleen Breitman said that any Ethereum and Bitcoin directed towards the project was a charitable donation and not an investment. This has only helped to infuriate those who took part in the ICO. Gevers, in his blog post, said that he hoped the project could continue from where it left off. However, that will mainly depend not only on the management but also on the community, who have been thoroughly ignored.
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