Cryptocurrency provider Tezos and its Swiss foundation led by Monetas boss Johann Gevers are locked in a battle. At issue? A bonus out of $400 million in proceeds from the world's largest ICO to date.
Two months ago, finews.asia detailed how U.S.-based cryptocurrency provider Tezos used a Swiss foundation to fuel a payout of almost $20 million for its founders, Arthur and Kathleen Breitman. Tezos exemplified Switzerland's tightrope walk on business with bitcoin and other cryptocurrencies as Singapore and China clamp down and warn investors. The basic premise? Tezos was to shift its intellectual property – the code for its Tezzie coin to operate on blockchain – from the U.S. to the foundation, overseen by Johann Gevers (pictured at left).
The South-African is well-known in Switzerland's cryptovalley for trying to get his own digital currency, Monetas, off the ground. Fast-forward to July, and Tezos hoovered up $232 million in cash and bitcoin proceeds to fund its future development. The fund-raising included provisions for the Breitmans to pocket almost $20 million if Tezos operated for at least three months on the blockchain – a ballsy but not illegal use of Swiss foundation law.
Unfounded Claims
Tezos engaged a U.S. public relations firm, Strange Brew, which allegedly made false claims to journalists that big U.S. firms are already working with the digital currency provider.
The foundation gave the appearance that the Breitmans wanted to cash out without getting their hands dirty in Switzerland. Neither Arthur or Kathleen took a foundation role. They left that to Gevers and two others: computer scientist and entrepreneur Diego Ponz, and Guido Schmitz-Krummacher, a German lawyer and businessman who oversaw an $147 million token fundraising one month before Tezos'.
Now, the French-American couple who developed the Tezos technology are seeking to oust Gevers and assert more authority over the foundation, according to several media reports. For his part, Gevers claims the Breitmans are unwilling to let the foundation operate independently, as is laid out under Swiss law.
Unvetted Bonus
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