Tezos Takes A Hit As Founders Battle Over Fund Control

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Lets quickly talk Tezos…



Initial coin offerings (ICOs) have been one of the most talked about, and potentially most controversial, aspects of the cryptocurrency world during 2017 to-date. The potential for fraud has long been touted as a major risk factor associated with taking part in an ICO but, even with these risks in place, many individuals have been quick to allocate capital to various startup projects.

One of the most well-known, based on its massive popularity on its initial issue, is Tezos.

Tezos was billed as a network that can serve as an alternative to the Ethereum network on which most ICOs are built, with a similar smart contract functionality but various differences that (so its creators say) differentiate from the existing available network (Ethereum, that is).

Fast forward a few months subsequent to the offering, however, and things aren’t running as smoothly as many had hoped in the Tezos camp.

According to a report by the Wall Street Journal this week, the husband and wife team that launched the Tezos ICO is embroiled in a dispute with another member of the team, a guy called Johan Gevers, with the root of the problem being control over the funds raised on the offering.

Said husband and wife team, called the Breitmans, believe thatGevers has a conflict of interest in his ability to manage the funds and that, in turn, the former believe they should have an increased amount of control going forward.

Gevers, on the other hand, is saying pretty much exactly the same, but the opposite, in that it is targeted at the Breitmans.

According to the report, theBreitmans wantGevers to take a step back for one-month while an independent investigation is carried out. Exactly who’s going to carry out the investigation, or what it is set up to achieve, remains to be seen.


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