Investors who participated in Tezos’ (XTZ) initial coin offering (ICO) between July 1, 2017, and July 13, 2017, have been notified that they may be eligible for a share of the $25 million settlement proposed settlement to an ongoing class-action lawsuit alleging securities violations.
What may comprise the case’s final Settlement Hearing is set to take place on August 27 to determine whether the settlement and proposed plan of allocation will be approved as “fair and reasonable,” and whether attorney’s fees will be awarded as part of the agreement.
Per a June 1 release, Block & Leviton, the firm behind the lawsuit, are now seeking to notify qualifying investors that they may be eligible to receive a share of the settlement.
ICO investors are instructed to visit www.TezosFoundationSettlement.com to submit a claim.
Tezos ICO participants may qualify for settlement
The settlement was proposed by the Tezos Foundation on March 20, who asserted that the move “is in the best interest of the Tezos project and community as a whole” due to the expense and time associated with continuing to fight the case.
Despite the proposed settlement, the Tezos Foundation denies any wrongdoing, maintaining that the lawsuit is “meritless.”
The lawsuit was first filed by Block & Leviton in November 2017. The complaint alleged that the Tezos Foundation illegally raised $232 million worth of Ether (ETH) in an unregistered securities offering.
Investors have until Oct. 16 to submit claims
An April 30 hearing saw U.S. District Judge Richard Seeborg grant preliminary approval for the settlement, writing: “[T]he court will likely be able to approve the settlement, subject to further consideration at the Settlement Hearing.”
The settlement would also avoid Tezos risking its ICO being named a securities offering, which could incur a fine of up to $150 million.
Investors have until August 6 to object to the settlement, and until October 16 to submit a claim.
,
If reproduced, please indicate the source: https://www.uucj.net/us-investors-in-tezos-2017-ico-may-be-eligible-for-25m-settlement/
Recommendation
-
Despite Slow Action, Bitcoin Price Up 115 Percent Since Dec 18 Lows
Bitcoin price marked exactly one year since the lows of the 2018 bear market. Since then, the coin has improved its shape, despite going through periods of volatility. BTC Escaped Capitulation in December 2018 BTC reached lows near $3,200 on December 15, 2018, following a long slide since peak prices in late 2017. In one year, bitcoin price looks in better shape. The current cost of mining in China, where at least 70% of all #Bitcoin mining occurs, is around $4,500. This is likely where #BTC will head to by January, causing over-leveraged miners to go bankrupt and, like December 2018, it will be the bottom before another 6 month bull run — Intuit Φ Consultants (@Intuit_Trading) December 14, 2019 Bitcoin price remains unpredictable and weakened further this Sunday. The asset dipped twice below $7,100, but even at this price, year-on-year gains range close to 114%. And the chief difference in BTC performance is in the story of volumes. Bitcoin had almost stagnated, returning to volumes under $4 billion per day in December and January. But after April, BTC trading…
-
Oil Stocks Unstable, Shell Cuts Dividends for First Time Since World War II
In an unprecedented move, Shell has cut down the interim dividend for its shareholders by 66% from $0.47 last year to now at $0.16. The massive crash in oil demand due to COVID-19 has been responsible for this move as per the oil giant. On Thursday, oil giant Royal Dutch Shell Plc (AMS: RDSA) announced cutting down shareholders’ dividends in a historic decision. The massive crash in the oil prices earlier this month has put huge pressure on oil companies and Shell is no different. RDSA stock is 7.93 % down at 15.91 EUR. However, this is an unprecedented decision since Shell will be cutting the dividends for the first time since World War II. As per the official announcement, Shell will be offering its investors an interim dividend of $0.16 for Q1 2020. This is a 66% eduction from the Q1 2019 dividend of $0.47. In the announcement, Royal Dutch Shell is upfront and clear with its investors that the impact of COVID-19 is the reason behind this decision. Besides, it also cautions that the duration of this impact…
-
Bitcoin Price Crosses $9,000: Two Key Reasons Why This Rally Isn’t Sustainable
After trading below $9,000 for over a day, Bitcoin finally pushed past that level just minutes ago. BTC has not seen a massive rally from the weekly lows of $8,600, but $9,000 is a key technical and psychological resistance, analysts say, making the reclamation of the level that much more notable. Bitcoin price chart from TradingView.com. It’s been a slow rally for Bitcoin since the $8,600 lows, hence few positions have been liquidated on BitMEX. According to crypto derivatives tracker Skew.com, approximately $2 million worth of BitMEX short positions have been liquidated on this swing higher. $2 million may sound like a lot, but it isn’t in a market with billions of dollars of transactions each day. There hasn’t been a strong follow-through by bulls as Bitcoin has toyed with $9,000, leaving signs on the chart and on the blockchain that this upswing is not sustainable. Reason #1: On-Chain Outlook Still Bearish for Bitcoin According to IntoTheBlock — a blockchain intelligence firm — the on-chain and order book outlook for Bitcoin is currently “mostly bearish.” Five out of seven of…
-
Maker Debt Crisis Post-Mortem Recommends New Safeguards
MakerDao (MKR) has published a new report that attempts to put the events of ‘Black Thursday’ into context — and recommends safeguards to ensure it can never happen again. On March 12-13 a roughly 50% crash in the price of Ethereum (ETH) led to the under-collateralization of the debt positions underpinning Maker’s Dai (DAI) stablecoin. The document, which was authored by ‘MakerMan’, said the crash drove liquidations that “effectively swamped” the system’s liquidators. With the ETH network suffering from congestion, users were unable to participate in auctions, resulting in a single bidder winning nearly 62,843 ETH for virtually zero DAI across 1,461 auctions. $6.65 million in losses In total, the author estimates that the auctions resulted in the Maker system becoming undercollateralized by 6.65 million DAI. The document said there were intangible costs too: “This event was not only costly to vault holders, but was to the Maker system as well, in capital costs, system confidence and Maker reputation generally.” The report notes that when additional keepers were able to participate in bids, prices offered between 10% and 14% collateral…
-
Following Bittrex Listing, UPT Token Pumps on Thin Volume
Bittrex Global has listed two stablecoins and a utility token issued by ‘The Universal Protocol Alliance’ (UPA) after joining the UPA. The new listings comprise stablecoins Universal Dollar (UPUSD) and Universal Euro (UPEUR), in addition to the Universal Protocol Token (UPT). UPT rallies on Bittrex listing The announcement appears to have comprised a boon for UPT — with the token gaining nearly 170% in 24 hours. Despite the strong price performance, the move was driven by less than $3,000 in volume, with trades taking place on a single exchange. UPT is described as a “utility token that will offer holders valuable benefits from Alliance members,” with Bittrex offering reduced trading fees to UPT holders. UPA is closely tied to Uphold In addition to Bittrex Global, the consortium’s membership includes blockchain-based loan platform Cred, crypto payments platform Uphold, and Blockchain at Berkeley. The consortium has investment backing from Arrington Xrp Capital, Dekrypt Capital, and Alphabit. The UPA appears to be heavily intertwined with Uphold, with user funds stored in the Uphold reserve. UPEUR and UPUSD are both minted and redeemed through…
-
A Beginner’s Guide to Currency.com
In all the ways that the cryptocurrency space has developed over recent years, one prediction that never quite came to fruition was the rise of tokenized securities. As the ICO boom died down, many predicted that traditional trading would soon be performed using tokens. As things stand, that prediction hasn’t turned out entirely in the way that crypto enthusiasts had hoped. Regulators across the globe started to clamp down on cryptocurrencies, particularly as they interacted with the traditional securities markets. Perhaps an inevitable but unintended consequence of this approach is that an entire industry sprang up around unregulated derivatives. Whereas BitMEX was the originator of this phenomenon, others have now joined the fray, including Deribit, Bybit, Binance, and many more. As a result, regulation has proven to be the most significant roadblock to the success of tokenized securities. Now, Currency.com has stepped up in response to this challenge by gaining regulatory approval to trade tokenized securities in the form of stocks, commodities, and bonds. Furthermore, users will be able to transact directly with the traditional financial markets, using their crypto,…
-
SEC Put Bitwise ETF Back Under Review Following Initial Rejection
The Securities and Exchange Commission is looking into its decision to deny the Bitcoin exchange-traded fund. The SEC said that the ETF filing from Bitwise Asset Management and NYSE Arca will be going back under review. Charles Lu said he is doubtful that the process of approval will be a speedy one. The United States Securities and Exchange Commission (SEC) is looking into its decision to deny the Bitcoin exchange-traded fund (ETF) that was filed by Bitwise Asset Management and NYSE Arca over a year ago at the time of writing. The SEC said that the ETF filing from Bitwise Asset Management and NYSE Arca will be going back under review. As announced on 18th November, the commission adds that this comes after the earlier rejection undergrounds of not meeting the necessary requirements. Regulators said last month that the applicants were not able to hit the right requirements in regards to potential market manipulation as well as illegal movement. The SEC wrote at the time: “The Commission is disapproving this proposed rule change because, as discussed below, NYSE Arca has…
-
Apple Stock Dwarfs All Others on the Dow in 2019
Apple began the year disappointing its investors. On Thursday, January 3, Apple stock (AAPL) hit its 2019 low of $142, a 10% plunge just one day after CEO Tim Cook announced that iPhone sales had begun to decline in China. Since then, AAPL has been performing quite impressively and is now the most profitable stock on the Dow Jones Industrial Average (DIJA) as it has climbed about 70% this year alone, and hit $270. One of the factors said to be responsible for APPL’s performance is the anticipation of its new iPhone 11 series along with new Airpods, up until it was officially launched. Also, Apple has said that sales of the new products have been much higher than expected, an announcement that also led to a continuous rise in the company’s stock. Worthy of note is its August trajectory. At some point, AAPL seemed to drop a bit, but not enough to worry for any investors or cause a change in any analysts’ long-term forecasts. The drop, however, became somewhat fortuitous as it seemed that AAPL built a bit…
-
Melania Trump Rips Impeachment Witness for Mocking Her Son
Melania Trump lit up Twitter after an expert witness mocked Barron Trump in Wednesday’s impeachment hearing. Pamela Karlan, a Stanford Law professor, made fun of Barron’s name while testifying against Donald Trump. The First Lady flamed Karlan on Twitter for violating the privacy of a minor child, saying she “should be ashamed.” Conservatives say an expert witness in the House Judiciary Committee’s impeachment hearing went too far. Law professor Pamela Karlan cracked a joke about the president’s minor son, Barron Trump, in her testimony. While intoning about the limits of presidential power, Karlan said: Contrary to what President Trump has said, Article 2 does not give him the power to do anything he wants. The Constitution says there can be no titles of nobility, so while the president can name his son Barron, he can’t make him a baron. Aside from the fact that Donald Trump never actually tried to do that, the Democrats’ expert witness trespassed on a basic rule of civility in political combat. The longstanding, unwritten rule in politics is that presidents’ children are off-limits to opponents’…
-
The Danger is Approaching, Blockchain Enterprises Are Struggling to Survive
Technology giants are strong, startups are struggling, and blockchain entrepreneurs are struggling to survive
