The spat over Tezos’ crypto millions continues as Guido Schmitz-Krummacher, one of the three board members of the Swiss-based association that controls its proceeds, has resigned amid a leadership style dispute between the inventors and founders, Reuters reported Tuesday.
Mr. Schmitz-Krummacher, a well-known figure in Switzerland’s crypto valley, is a legal and management expert who also sits on several dozen Swiss boards.
While exact details are unknown, the situation is believed to have stemmed from the infighting between the couple behind Tezos and Johann Gevers, the head of a Swiss foundation set up to fund it. The fight remains unresolved as Gevers said that he has no plans to leave, which in turn sidetracked the firm’s much-anticipated product launch.
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Tezos’s troubles emerged into public view after founders Kathleen and Arthur Breitman asked Gevers to resign from its board, claiming that he had sought to pocket a bonus from the ICO proceeds.
Gevers is also facing his own version of problems after his digital payment start-up Monetas was declared bankrupt on Monday by a court in Zug.
Tezos has set up a complex governance structure where the token’s developers own the code, but the $232 million raised in the ICO, which has grown now to more $400 million, will be managed and controlled by an independent Swiss foundation, headed by Johann Gevers.
The management spat and the limited progress in developing its product has sent derivatives on Tezos tokens sharply lower as anxious investors unwound bets that the project would be launched before the end of the year. The actual tokens, known as ‘tezzies’, have yet to be created.