Tezos, last year’s most notorious ICO, is back in the news and once again it’s for all the wrong reasons. The blockchain project, with its promise of decentralized governance, was hailed as a paragon of success after raising $232 million in 2017. Then, things turned ugly and have stayed that way ever since. In addition to facing two lawsuits, Tezos is riddled with in-fighting at the highest level. This week, the foundation’s president, Johann Gevers, was accused of operating a dictatorship as the acrimony intensified.
When Blockchain Goes Wrong
For investors who contributed to Tezos’ July crowdsale, the ensuing six months have been agonizing and expensive. Bitcoin traded for $2,000 back then and ethereum went for a little over $200. Had things played out differently, many investors would have flipped their tokens long ago once the platform went live. The Tezos imbroglio has cost them at least 8x their investment.
On Tuesday, Johann Gevers, the Tezos Foundation president, outlined his vision for relaunching the project with an all-Swiss team at the top. In the weeks prior, Gevers had received a number of applications to help lead the new-look Tezos Foundation, and supporters were confident that these appointments would add the much-needed leadership and impetus for progress to finally be made. Their hopes were dashed though after Gevers unilaterally vetoed all of the applicants, as an email from the foundation’s Diego Pons to the candidates revealed:
<img src="https://news.bitcoin.com/wp-content/uploads/2018/01/tezos-statement-1024×414.png" alt="Senior Figures Clash as the Tezos War Heats Up" width="696" height="281" srcset="https://news.bitcoin.com/wp-content/uploads/2018/01/tezos-statement-1024×414.png 1024w, https://news.bitcoin.com/wp-content/uploads/2018/01/tezos-statement-300×121.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/01/tezos-statement-768×311.png 768w, https://news.bitcoin.com/wp-content/uploads/2018/01/tezos-statement-696×282.png 696w, https://news.bitcoin.com/wp-content/uploads/2018/01/tezos-statement-1392×563.png 1392w, https://news.bitcoin.com/wp-content/uploads/2018/01/tezos-statement-1068×432.png 1068w, https://news.bitcoin.com/wp-content/uploads/2018/01/tezos-statement-1038×420.png 1038w" sizes="(max-width: 696px) 100vw, Read More Here