- Judge gives preliminary approval for Flint water settlement
- Internal corporate conflict
- We do not admit guilt
Judge gives preliminary approval for Flint water settlement
US District Court approves settlement of claim between Tezos Foundation and investors
Tezos Foundation Agrees to Pay $ 25M to 2017 ICO Investors.
At the same time, the Foundation does not admit its guilt.
Cryptocurrency was able to refresh all-time highs despite litigation.
International consortium of news organizations developing transparency standards.
As a result of the court settlement, the Tezos Foundation has pledged to pay investors $ 25 million raised through ICO in 2017.
United States District Court for the Northern District of California, Issues Formal Order of Tezos Securities Proceedings.
The court confirmed that investors who invested money or cryptocurrency in the Tezos Foundation from July 1, 2017 to July 13, 2017, can qualify for the right to participate in the settlement of a lawsuit in the amount of $ 25 million.
Hearing will take place on August 27, 2020 in the United States District Court for the Northern District of California.
Internal corporate conflict
Earlier, the Tezos Foundation, which held an ICO of the XTZ token in the amount of $ 233 million in 2017, agreed to settle the class action lawsuit filed by investors.
The lawsuit noted that the Tezos Foundation violated US securities laws by conducting an unregistered ICO.
The settlement of the conflict may well affect the price of the XTZ cryptocurrency asset, which has already shown good results this year. For such events, the editorial staff of BeInCrypto has compiled 3 main ways to make money on cryptocurrency without significant risk.
The 2017 class action lawsuit also alleges that the Tezos Foundation fraudulently advertised the sale of tokens under the guise of an equity investment in the organization. In fact, the investments were classified as charitable contributions.
We do not admit guilt
Despite the settlement of the conflict, Tezos Foundation does not admit their guilt.
“The Tezos Foundation decided to settle the claims because it believes that this decision meets all the interests of both the Tezos project as a whole and the community,” the Tezos Foundation said in a March press release..
The decision to hold an ICO in 2017 was made after due to a conflict between the developers of Tezos and the Tezos Foundation, which was created to regulate the project..
The XTZ cryptocurrency itself, despite the litigation, is approaching an important support level, which may cause a reversal of the current bearish trend.
After updating all-time highs in February this year, the cryptocurrency is feeling more than confident, especially with the new functionality of extended staking on the Coinbase cryptocurrency exchange for European clients..
Maria Stankevich, EXMO Business Development Director, shares a similar opinion about the future of staking..
Stankevich said in an interview with BeInCrypto that staking is quite popular in Russia, and its popularity will continue to increase every year..
“For example, in November-December 2019, several sites added a staking function to Tezos. Over the month, the coin has risen in price by 120%. Of course, it’s not about the uniqueness of the coin … But the rise in price itself reflects the high popularity of staking, “Stankevich said in January..
What do you think? Will the litigation affect the price of XTZ? Share your thoughts with us in the comments and join the discussion in our Telegram channel.
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