The Tezos Foundation has offered a $ 25 million deal to close a collective lawsuit against the company that has been running in the United States for two years, according to a statement on Friday (20).
At the time, Tezos raised $ 232 million (more than $ 1 billion) from the initial sale of its XTZ cryptocurrency, but was accused of violating U.S. securities laws. Otherwise, those responsible would have used the resources for their own benefit.
The out-of-court settlement, however, needs to be heard by the California court in which the case is going.
"Today, the Tezos Foundation and the other defendants have entered into an agreement, subject to court approval, of all alleged collective lawsuits, all pending in California's state and federal courts," says the note.
According to the Foundation, the decision is considered the best for the Tezos project and for its community worldwide. However, she reaffirmed that there was no irregularity in the offer and that the process, still without merit, can be more expensive than the agreement.
"The lawsuits are expensive and time-consuming, and it was decided that the single financial cost of a settlement was better than the wear and tear and legal costs in the face of the fight in the courts," he explained.
Action against Tezos
At the time of its ICO (Initial Currency Offering), July 2017, the Tezos Foundation raised $ 232 million in Bitcoin (BTC) and Ethereum (ETH). A question about controlling the project's funds then came into focus.
There were internal fights within the institution that revealed that those responsible for the company allegedly used the money for their own benefit. The dispute was between the owners of the company that created the Trezor code, Arthur and Kathleen Breitman, and Johann Gevers, president.
Currently Tezos is the tenth cryptocurrency with the highest market value, $ 1.1 billion, and is listed on major exchanges like Binance, Kraken and Bitfinex.
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