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Friday, October 27, 2017

Crypto News: Tezos Derivatives Crashes Amid Management Infighting after $232 Million ICO

Tezos Derivatives Crashes Amid Management Infighting after $232 Million ICO

The price of Tezos derivatives has crashed on multiple exchanges following the revelation of infighting between the platform’s developers and the independently-operated Tezos Foundation.

Initial coin offerings (ICOs) have exploded in 2017, and the Tezos ICO rode that wave to a then-record $232 million ICO in July. According to some estimates, that stockpile has appreciated to $400 million as a result of the crypto market’s rising tide, meaning that Tezos should be positioned to devote unprecedented resources to the development of its “self-amending cryptographic ledger”.

However, as an investigation by Reuters reveals, this mammoth crypto war chest could not prevent management infighting from derailing the project — and it may have even contributed to the problem.

According to Reuters, Tezos management is rife with infighting. The platform’s inventors, Arthur and Kathleen Breitman, founded a company that develops — and owns — the Tezos code, as well as all associated intellectual property. However, they set up an independent Swiss foundation to manage the ICO and maintain the funds, the plan being that the foundation would eventually purchase the company from the Breitmans and their other shareholder — venture capitalist Tim Draper — for approximately $20 million. This is in addition to the 10% stake the shareholders will receive from the total supply of “tezzies”.

Full story at

Source: CryptoCoinsNews

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