Johann Gevers, the president of a renowned Swiss foundation, that initiated a fundraiser for a cryptocurrency project, has been replaced by a distinguished member of the same project, Ryan Jesperson.
The foundation named Tezos has been raising funds through ICOs to launch a cryptocurrency network by the end of July. Even though the Tezos ICO is by far one of the largest funds to be raised, the project has deviated it’s course for an internal feud between the founders, the Breitmans and Gevers.
The fundraiser had raised about $232 million for a cryptocurrency project and that is a satisfactory amount to develop and launch the network. Kathleen and Arthur Breitman are in charge of the Tezos technology and the foundation controls the funds. Previously, they had submitted in writing that new members were welcome to join the board and that they are fully devoted to the project. Not only Gevers but another core committee member, has also stepped down and has been taken over by Michael Maury, a programming academic. However, the exact reasons for Gevers’ stepping down from the board are still unclear.
The new board are thus hurrying up the launch of the network. However, how soon it is to happen is still unclear since no other information has been provided from their part.
The internal feud has raised Eyebrows for many a commoner and lawsuits have been filed, accusing the organizers that violation of federal securities has occurred. The Tezos foundation has established itself as a donation fundraiser. But if the fundraiser is found out to be an investment, the money raised shall not fall under boundaries of SEC.
Jesperson works in a financial technology who is planning to relocate to Zug after joining the board. Earlier, he had made efforts to set up a secondary Swiss foundation for the project, incase the feud continued.
However, even if the infighting has silenced, the lawsuits filed against the organizers might delay the launch.