Tezos Foundation board member quits amidst lawsuits and tensions

Tezos Foundation Board Member Guido Schmitz-Krummacher has left the foundation owing to mounting pressure and tensions from legal suits related to control of the project’s ultimate direction and development of initial goals.

Well known in swiss circles as a straight shooter, Krummacher quit because “he was frustrated by the infighting, which was consuming a lot of his time” according to Reuters.

The battle is between Kathleen and Arthur Breitman who own Dynamic Ledger Solutions, Inc. (DLS) and which controls the code, and Foundation president/founder, Johann Gevers. Tezos ICO raised $234 million in Ether and Bitcoin in July but the cryptocurrencies have increased in value since then.

The Breitman’s are facing three legal challenges. Including alleged violations of U.S. securities laws and defrauding participants in the fundraiser. Thus, “who were told they were making non-refundable donations to the foundation”. And the lawsuits are seeking refunds and damages.

Also Read: Second class lawsuit has filed against Tezos founders

Krummacher, who is Managing Partner of Finances, Legal and Public Relations for Talentory Gmbh, leaves an empty seat that is the deciding vote between the two parties in the contest. Gevers has a final say on who fills the vacancy if “the third board member votes against the candidate”. Since the Foundation bylaws allow Gevers to cast an overriding vote.

The infighting is causing delays in rollouts and Foundation contributors are yet to receive its proprietary token, Tezzies.

A post from Tezos community that has gathered 1000 signatures says the community wants Gevers removed from the Foundation board saying it “is looking forward to rebuilding confidence in the Foundation upon Mr. Gevers’ departure”. It continues to say that the community trusts the remaining board members. Thus to take “appropriate action for the good of the community. And also the future of the Tezos project.”

The project advertises itself as a new “decentralized blockchain that governs itself by establishing a true digital commonwealth”. Since that would secure smart contracts.

Read Next: Tezos ICO threatened by class action lawsuit
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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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