In what appears to be a first-of-its-kind settlement, the Tezos Foundation has agreed to pay $25 million to settle claims brought on behalf of investors who claimed that the blockbuster initial coin offering on the Tezos blockchain violated U.S. securities laws.
Lead plaintiffs counsel at HGT Law and Block & Leviton filed court papers Friday detailing the proposed deal brought by investors who claimed they lost money in the the July 2017 ICO, which raised the equivalent of $232 million in Bitcoin and Ethereum from those seeking to buy so-called XTZ tokens before the project was bogged down in delays and infighting at the Swiss foundation formed to promote it.
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