2017 was a rocky year for Tezos. Lawsuit upon lawsuit left many Tezos investors in doubt about its official launch. At a conference last weekend, Tezos co-founder Kathleen Breitman stated plans to “go rogue” and release Tezos tokens in the next several weeks.
Tezos derailed due to infighting
In 2017, the Tezos project was plagued by disagreements, lawsuits, and accusations — but that was not always the case. In fact, Tezos was already being 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 Artur 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. When management issues arose between the Breitman couple and Gevers, Tezos came to an unexpected halt. Investors began to suspect foul play after failing to receive the Tezos tokens promised as part of the ICO. The problems mounted when several class action lawsuits were filed, with allegations ranging from investor fraud to securities law violations.
Founders look to the future
It appears the Tezos founders are finally move forward with their project. Speaking at the UCLA Blockchain Lab’s Cyber Days conference last weekend, she declared 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. While both Artur and Kathleen’s Twitters remain silent on the topic, development updates are made available on Arthur’s Youtube channel.
2018-02-17 Tezos dev update: https://t.co/J9lg9oLIIo via @YouTube
— Arthur B. 🚀 (@ArthurB) February 17, 2018
Problems still ahead
While Kathleen’s announcement may be welcomed 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. Additionally, the lawsuits filed last year are still pending. For now, investors and Tezos supporters are holding on to the hope that the Tezos tokens will indeed be released in the next several weeks as announced.