After being hit by lawsuit after lawsuit, many Tezos investors were left in doubt about the launch of one of 2017’s most highly anticipated blockchain projects. At a conference last weekend, Tezos co-founder Kathleen Breitman talked about plans to “go rogue” and release Tezos tokens in the next several weeks.
Tezos infighting stalls project
In 2017, the Tezos project was plagued by disagreements, lawsuits, and accusations — but that was not always the case. In fact, Tezos was already hailed as highly successful after raising $232 million during its online initial coin offering (ICO) in July, earning the title of the largest ICO at the time.
Tezos was a joint effort by Arthur and Kathleen Breitman, who run the company that owns the source code and intellectual project of Tezos, and the Tezos Foundation, a Switzerland-based company founded by Johann Gevers. The role of the Tezos Foundation was to manage all funds raised in the ICO. Problems began when management issues arose between the Breitman couple and Gevers, bringing Tezos to an unexpected halt. Investors began to cry foul after failing to receive Tezos tokens. The project found itself under further scrutiny after several class action lawsuits were filed against it, including allegations such as investor fraud and securities law violations.
Founders give themselves green light
It appears the Tezos founders are ready to put the past behind them and finally move forward with their project. Speaking at the UCLA Blockchain Lab’s Cyber Days conference last weekend, Kathleen touched upon the company’s intention to go through with the platform launch:
“We plan on releasing the token and going rogue in the next few weeks. We’re able to release the token on our own terms. For awhile I felt like I was being ‘gaslit,’ but then I unburdened myself of the morality of it. Things needed to move forward. It’s unfair, but we need to ship the code.”
When news of the launch began to circulate online, many turned to Reddit and Twitter for confirmation. Although both Arthur and Kathleen’s Twitters remain silent on the topic, development updates are made available on Arthur’s Youtube channel.
Bumpy road ahead
While Kathleen’s announcement may be well received by some, it raises questions about exactly how the founders plan to “go rogue”. The fact remains that the Tezos foundation continues to hold control over the ICO funds collected last year, and many lawsuits are are still pending. For now, Tezos investors and supporters are holding on to the hope that the Tezos tokens will indeed be released in the next several weeks as announced.
