Tezos Seeks To Settle Coin Offering Suit For $25M

Law360 (March 23, 2020, 3:07 PM EDT) -- Buyers of Tezos coins asked a California federal court to okay a $25 million cash settlement with the owners of the Tezos blockchain network that would end the investors' securities fraud claims over the network's unregistered July 2017 initial coin offering.

In their bid for preliminary approval of the agreement, the digital token buyers said Friday that the deal represents an "excellent" recovery for them and would resolve allegations that the Tezos ICO — which they describe as the largest in history — illegally raised $232 million worth of bitcoin and ethereum.

"Plaintiffs believe that the proposed $25,000,000 settlement is an...

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