Cryptocurrency

Debacle Continues as Tezos Community Faces Class Action Lawsuit Over $232 Million ICO

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The attorney for Tezos has argued that the court must allow the prime descendant instead of the plaintiff’s lead counsel.

Founded by a former Morgan Stanley analyst, Tezos is an Ethereum like blockchain. This blockchain platform is now facing a strong class action lawsuit raised by unsatisfied individuals/critics. Crypto lovers and Tezos community members feel that this court debacle is hampering the market value of Tezos. They also believe that the lead plaintiff named Arman Anvari is not a true representative of the Tezos community.

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Even Anvari seem to be agreeing with this sentiment and has back off as a prime plaintiff. There are multiple reasons behind this sentiment, and the list of issues is long. One of the crucial reasons is the allegation that Anvari has given many death threats to the co-founder of Tezos named Kathleen Breitman.

One more reason is Anvari has disclosed in his posts that he was breaching the terms and conditions of Tezos. The investigating team has come across these posts. Community members are demanding to have another prime plaintiff. These community members calm themselves ‘Tezos Legion.’

Here is something to be considered in this matter. The class-action lawsuit filed has one issue. The terms and conditions mentioned in the Tezos ICO have explicitly mentioned that only European courts should be used. Though founded by Americans, Tezos is based in a Swiss country. Tezos had to face a few difficulties before it was actually launched in 2018, in the month of June.

Just like many potential Ethereum based blockchains, Tezos is a newly born blockchain. Tezos community members believe that this blockchain deserves some more time to grow. And hence, they oppose the lawsuit. The present market value of Tezos is lower by 7 cents as compared to the value it possessed during its ICO. This performance is better than the rest of the blockchains in the market. Maybe that is why around 1200 Tezos ICO buyers have willingly signed a petition against this lawsuit.

The Tezos Foundation itself doesn’t wish to bow in front of this fight.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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