HGT Law Files Consolidated Class Action Complaint Against Organizers of the Tezos ICO for Violations of Securities Laws

On April 3, 2018, HGT Law (who previously had been appointed lead counsel by the court) filed a consolidated class action complaint against Defendants Dynamic Ledgers Solutions, Inc., Tezos Stiftung, Kathleen Breitman, Arthur Breitman, Timothy Draper, Draper Associates V Crypto LLC and Bitcoin Suisse AG for violations of the Securities Act of 1933 (“Securities Act”).  The class action is brought on behalf of all investors who participated in the July 2017 Tezos blockchain ICO, in which they contributed digital currencies, such as Bitcoin and Ethereum, in exchange for Tezos tokens.  The Tezos ICO raised the equivalent of $232 million in Bitcoin and Ethereum (at July 2017 prices), which is now worth approximately $630 million (as of the filing date of the complaint).  The complaint alleges that the Tezos ICO was a solicitation of investments in “securities” under the Securities Act and should have been registered with the SEC.  The complaint alleges that Defendants violated the Securities Act by failing to register the Tezos ICO with the SEC and there was no applicable exemption excusing registration.

A copy of the complaint filed by HGT Law on behalf of the class can be found here .

For more information on the Tezos ICO class action, please contact us at (646) 453-7288 or via email at info@hgtlaw.com.