Tezos – Largest ICO to Date Being Torn Down by Its Leaders

tezos ico

The chaos that Tezos has entered has been including even not-so polite words exchange between its creators and the founders of Tezos Foundation – “Outrageous, unnecessary, acrimonious.”

Husband and wife founders – Arthur and Kathleen Breitman, are pointing their ‘accusation finger’ towards Johann Gevers for mismanaging the funds which have been raised during the Initial Coin Offering for the platform summing up to $400 million.

As Founder and president of the Tezos Foundation, Johann Gevers has responded by saying the Breitmans are making outrageous claims against him in an effort to gain more financial control over the 65,703 bitcoins and 361,122 ether raised during the world’s largest ICO to date.

The creation of the Tezos Foundation and Gevers’ appointment to head up the foundation were originally done at the Breitmans’ request, which makes the current dispute so surprising.

According to Swiss law, the Foundation should have a complete financial autonomy. However, a 46-page letter has been delivered by Breitman’s attorneys to the Foundation’s three person board requesting the on-moment removal of Gevers and the creation of a new structure for the system which would conclude with the duo having more control.


“This is attempted character assassination. It’s a long laundry list of misleading statements and outright lies … [They’re] attempting an illegal coup.” – Gevers

On the other hand, Kathleen Breitman commented on the case to Wall Street saying that:

“The best I can do is put my head down and work on the code.”

The legal dispute is certainly ugly news for Tezos at a time when its decentralized smart contracts platform is still yet to be launched.

Investors won’t be happy; nor should they be. It’s clear this civil war will ensure this “Ethereum killer” won’t be killing Ethereum any time soon.

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