The Tezos cryptocurrency project raised $232 million in an online fundraiser recently. However, the president of the Swiss foundation that conducted the fundraiser stepped down on Thursday.
Johann Gevers wasn’t the only one to empty the seat. Another board member, Diego Olivier Fernandez Pons, also relinquished his seat. Both the positions are now filled in by Ryan Jesperson, one of the project’s contributors, and Michel Mauny, a French programming academic, respectively.
The Tezos foundation went for an ICO in July, calling for funds to develop a new cryptocurrency. The ICO was one of the largest in terms of the amount raised. However, the contributors are yet to receive the new crypto as the project was halted due to feud between the project founders, the Brietmans, and Gevers.
The Brietmans have control over the Tezos technology whereas the foundation controls the funds raised through the ICO. In a written statement, the Brietmans said that they welcome the new board members, and remain fully dedicated to the Tezos project.
The statement also revealed that Gevers and Pons resigned “voluntarily”. Gevers has refused to comment owing to ongoing litigation. The status of financial settlement between Gevers and Brietmans is also ambigious.
The new board is now focused on the timely launch of the Tezos network. However, the details regarding timing of the launch and issuance of the new crypto to the contributors is not known.
Since the infighting, several class-action lawsuits have come in the project organizers’ way, alleging that the ICO violated the federal security laws.
The SEC denied a public information request from a lawyer representing some of the contributors, saying revealing the information can hinder ongoing investigation.
Interestingly, the fundraiser was structured like a donation drive. While many contributors deemed it to be an investment, should it be considered a donation, the funds would not fall under the remit of the SEC.
Jesperson is an American working in financial technology. He is planning to move to Zug with his family as President of the foundation. He also led an effort earlier this year to set up another organisation to shift the project to, should the infighting continue.