The Tezos Foundation has announced that it has requested a settlement of all legal proceedings against it by understanding the parties.
If approved by the court, the agreement will conclude the legal dispute for the blockchain project on the $ 232 million ICO.
“The Tezos Foundation has chosen to solve all the processes, because the foundation believes that it is in the interest of the Tezos project and the community as a whole. The Foundation continues to believe that the lawsuits were worthless and continue to deny any wrongdoing. However, the trials are costly and time consuming and it has been decided that the single financial cost of a settlement is preferable to the legal costs and distractions associated with continuing the court battle.
stated the foundation in the announcement.
In July 2018, Tezos achieved one of the largest ICOs in history. However, the project was soon charged in two trials. The accusers claimed that Tezos made an illegal and unregistered offer of securities. The two processes were then consolidated in 2018.
Part of the allegations relates to the fact that the development of the project was delayed by about three years. The main reason was a misunderstanding between co-founders Tezos, Breitman and Gevers.
Tezos Foundation vs. Dynamic Ledger Solutions Inc.
Kathleen and Arthur Breitman hold the rights to the transaction system code through Dynamic Ledger Solutions Inc. The Tezos Foundation, headed by Johann Gevers, is a Swiss entity that was set up to raise funds. The conflict between the two organizations led to significant delays in the crypto project.
In response to the accusations, Tezos claimed that it was not a securities offer, but a fundraising event. The tokens were offered to investors as a gift in exchange for donations for the project.
Tezos and the prosecution are currently awaiting the court’s agreement for settlement.
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