Things happen in threes: Tezos hit with a third lawsuit in a month
The latest lawsuit, filed by the Restis Law Firm and Lite DePalma Greenberg, echoes the arguments of the two that preceded it: the Tezos tokens, which were marketed to ICO participants as securities, were never legally registered as such. The language in the second suit was a bit more direct in its accusation of the Breitmans and the Tezos Foundation of outright deception:
“Notwithstanding the defendants’ attempts to avoid governmental and private scrutiny, it is clear that the financiers were indeed profit-seeking investors in a security and that Defendants promoted and conducted an unregistered offering of securities, not a charitable fundraiser.”.
The reference to a charitable fundraiser is related to the language of the Tezos ICO, which described contributions as “non-refundable donations”. What is happening with Tezos, which raked in a whopping $400 million, reminds a kind of a strange sham, the outcome of which is quite difficult to predict. But one thing is clear, the ICO ecosystem requires a radically new solution in order to stop the spreading of farce and scam, the one, which will exclude the very possibility of fraud and trust abusement. And Descrow has this solution: decentralized platform for secure crowdfunding, where investors, where investors control the distribution of the invested funds.
Descrow — the international platform to secure investments.
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