news & articles

Your go to place to stay updated with the latest news and fun articles from the finance and crypto worlds.

ALERTS | ICOS | STOCKS | CRYPTOS | OPINIONS

© Copyright GGG Inc.

The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.

Tezos Trials: Foundation President Posts Update About Future, Deletes It Next Day

Tezos has inadvertently continued its image issues as a senior executive ironically deletes promises for more transparency.

Tezos Foundation president Johann Gevers has sparked new controversy over the project after deleting a rare post about its future plans Monday, Jan. 29.

Tezos, which is at the center of several public lawsuits over delays issuing tokens from its $232mln ICO last year, continues to suffer from infighting between Gevers’ foundation and the project’s founders Arthur and Kathleen Breitman.

Conflicts among those in command of Tezos sparked a knock-on effect on users and third parties, with Gevers admitting the Foundation lost access to its funds between October and December. Banks had rescinded service to the Foundation “due to controversy,” he stated.

“…We were advised against making public statements until the disputes had been resolved, and that I had hoped for the tensions to be resolved quickly and without further public exposure,” the post continues. 

“However, I believe the community has waited long enough and deserves regular updates going forward, even if this involves some risks.”

Despite the seeming change of tact, however, the push for “risky” transparency failed to last, Gevers removing the post shortly after publishing it Sunday.

This, Reuters quotes him as explaining in an update, was done for “prudential reasons.” The update is also no longer visible on Gevers’ Medium account as of press time Tuesday. Twitter user Gareth Moison subsequently published the cached post.

Continuing, plans for Tezos include a new CEO for the Foundation and temporary oversight from an unnamed figure as an “interim measure.” Gevers also proclaimed he would take a “step back” from duties once these measures were in place.

Tezos’ TEZ futures, operated by exchange HitBTC, lost 20% against the USD and 15% against BTC in the past 24 hours’ trading, averaging just under $4.

No Comments

Post A Comment