Tezos Settles Class-Action Lawsuit, Restructures Investment Portfolio
- Two lawsuits against the foundation were consolidated into one.
Tezos, one of the most hyped Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term projects, has settled its $25 million consolidated lawsuit after a two-year-long court battle.
Announced on Friday, the foundation detailed that it entered into a settlement, given the time and expenses incurred through the long legal battle.
“The Tezos Foundation chose to settle all claims because the Tezos Foundation believes it is in the best interest of the Tezos project and community as a whole,” the official announcement stated.
“The Foundation continues to believe the lawsuits were meritless and continues to deny any wrongdoing. However, lawsuits are expensive and time-consuming, and it was decided that the one-time financial cost of a settlement was preferable to the distractions and legal costs associated with continuing to fight in the courts.”
The blockchain company, however, did not reveal any specifics of the settlement, which is still pending for court approval.
Tezos raised $232 million through an initial coin offering (ICO) in July 2017, putting its name on the list of the largest token sales. However, the project soon faced a backlash from the investors and was slapped with two lawsuits, which were then consolidated as one.
Major restructure in the investment portfolio
Meanwhile, the foundation’s biannual report published last week revealed that it had sold as many as 8,000 Bitcoins last year, restructuring its portfolio with other digital currencies.
With this, the share of Bitcoin in the Tezos’ investment portfolio fell from 61 percent to 47 percent. Notably, the portfolio is maintained by the funds raised by the foundation with its record-breaking ICO.
The portfolio also took a hit with the market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term as its value fell from $652 million on July 31 to $625 million by January 31.
Despite the restructuring, the leadership of the foundation still has faith in the original digital currency and believes it to be a key asset for long-term policies.
Tezos, one of the most hyped Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term projects, has settled its $25 million consolidated lawsuit after a two-year-long court battle.
Announced on Friday, the foundation detailed that it entered into a settlement, given the time and expenses incurred through the long legal battle.
“The Tezos Foundation chose to settle all claims because the Tezos Foundation believes it is in the best interest of the Tezos project and community as a whole,” the official announcement stated.
“The Foundation continues to believe the lawsuits were meritless and continues to deny any wrongdoing. However, lawsuits are expensive and time-consuming, and it was decided that the one-time financial cost of a settlement was preferable to the distractions and legal costs associated with continuing to fight in the courts.”
The blockchain company, however, did not reveal any specifics of the settlement, which is still pending for court approval.
Tezos raised $232 million through an initial coin offering (ICO) in July 2017, putting its name on the list of the largest token sales. However, the project soon faced a backlash from the investors and was slapped with two lawsuits, which were then consolidated as one.
Major restructure in the investment portfolio
Meanwhile, the foundation’s biannual report published last week revealed that it had sold as many as 8,000 Bitcoins last year, restructuring its portfolio with other digital currencies.
With this, the share of Bitcoin in the Tezos’ investment portfolio fell from 61 percent to 47 percent. Notably, the portfolio is maintained by the funds raised by the foundation with its record-breaking ICO.
The portfolio also took a hit with the market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term as its value fell from $652 million on July 31 to $625 million by January 31.
Despite the restructuring, the leadership of the foundation still has faith in the original digital currency and believes it to be a key asset for long-term policies.