The drama from Tezos just keeps coming. A top attorney in the cryptocurrency space, once involved with setting up the Tezos Foundation, has issued sharp cautionary notes for those who wish to dabble within the burgeoning initial coin offering (ICO) market.
Swiss foundation Old, Inflexible, Stupid
Dr. Luka Müller, partner at Switzerland and Crypto Valley based law firm MME, can be said to be that rare bird: an expert on initial coin offerings (ICOs). The firm counts among its clients Ethereum, Bancor, and the ill-fated Tezos Foundation. When he speaks, it’s probably a good idea for future ICO participants to listen.
“The Swiss foundation actually is a very old, inflexible, stupid model,” Dr. Müller told Reuters. “The foundation is not designed for operations. You as a user must be absolutely clear — and if you don’t understand it, keep your fingers away — that if you have an ether or a bitcoin, and it does not work, you have nobody to claim against,” he insisted.
If Dr. Müller appears salty, that’s to be expected in the light of Tezos’ ongoing drama, of which the Swiss foundation concept is front and center. News.Bitcoin.com reported recently of how the Tezos meltdown now includes an entire community in revolt. About two weeks before Christmas, its top board member abdicated. Weeks prior to that, The Foundation was to be tapped to pay for legal expenses stemming from its ICO lawsuits. Clearly, its strategy needs serious reevaluation.
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