Tezos, one of the most hyped blockchain 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.
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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 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.