Tapscott Namedrop Blunder Sees Startup Refund All ICO CashNovember 6, 2017 5:25 pm
After Forbes broke a story Sunday about Tezos facing a public lawsuit from its Initial Coin Offering (ICO) investors and the company inventing “advisors,” Alex Tapscott’s NextBlock Global has opted to return funds to investors, Cointelegraph .com reported Monday.
“As a young company, we have stumbled in our efforts to take our company public and we will work hard to rebuild the trust of those we have disappointed.” – Alex Tapscott news release
Although it was not true, NetBlock said Civic CEO Vinny Lingham and federal prosecutor Kathryn Haun – now on Coinbase’s executive board – were advising the project, the report said.
Tapscott responded to Lingham denying the claims even as Lingham himself “was looking at the deck with his face and bio” on NextBlock’s website, the report said.
Tim Draper, a major stakeholder in Tezos, has continued to defend the project amid worsening relations with investors over a schism with the Swiss foundation elected to guard ICO funds now worth around $500 million, the report said.
Reactions, the report continued, suggest only a small section of investors are unhappy with the delay in trading Tezzies, which originally sold over a month-long sale in July.
NextBlock made no mention of the allegations against it in the news release meanwhile, simply stating its “first responsibility is to… existing investors,” the report said.
“We strive to always act in the best interest of our investors and we are in the process of reaching out to each of them to discuss next steps, including the return of their original investment, timing, and participation in any profits,” it confirmed.
– WN.com, Jack Durschlag