Hagens Berman Files Class Action to Prevent Dissipation of Tezos (XTZ) Initial Coin Offering (ICO) Funds

Hagens Berman Sobol Shapiro LLP, has filed a class action in the Northern District of California on behalf of investors to recover the bitcoin (BTC), Ethereum (ETH) and fiat currency paid in the Tezos Initial Coin Offering (“ICO”). The complaint, which names Defendants Dynamic Ledger Solutions, Inc. (DLS), Tezos Stiftung (aka the “Tezos Foundation”), Kathleen Breitman, Arthur Breitman, Timothy Cook Draper, Draper Associates, Johann Gevers, Diego Ponz, Guido Schmitz-Krummacher, Bitcoin Suisse AG, and Niklas Nikolajsen, alleges that Defendants illegally sold unqualified securities in violation of California’s Corporate Securities Law of 1968 (Cal. Corp. Code § 25110) and California’s Unfair Competition Law (Cal. Bus. & Prof. Code § 17200 et seq.). In doing so, Defendants collected approximately $232 million USD worth of cryptocurrencies from investors (primarily Bitcoin and Ethereum), now worth over $1.2 billion USD.

ICO Class Action details

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