Investors of the Tezos fund, which raised $232 million last summer and then began to slowly and surely go to hell, due to disagreements between the chairman and the founders of the fund, decided to create a new board of directors.
Investors who own a large number of fund tokens are in a state of extreme dissatisfaction. This is understandable, since, instead of making a profit, they are forced to watch litigation and worry about the fate of their deposits. The most pessimistic among them generally believe that the show with the court was invented as a distraction, while at this time the founders are doing everything possible for personal enrichment.
Investors who support the founders of the project, Arthur and Kathleen Breitman, decided to create a non-profit foundation called T2 instead of the Tezos Foundation. In addition, they propose to elect a new board of directors.
It is likely that it will include the founder and CEO of the investment fund Polychain Capital Olaf Carlson-Wee. This adds to the positive, since he has more than enough experience in this area.
As for the work of the project itself, representatives of the Tezos Foundation announced “an absolutely inadequate distribution of resources.” Moreover, dissatisfaction with the management of the fund's funds was voiced. The founders of the Tezos Foundation are hopeful that investors will take action to ensure sound governance.
The chairman of the fund, Johann Geves, has not commented on the situation.
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