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New ICO scandal: Alex Tapscott returns all ICO cash

As Tezos faces a public litigation from its ICO investors, Alex Tapscott's company, NextBlock Global, has decided to return funds to investors.

06.Nov.17 7:43 AM
By Daria Zaytseva


New ICO scandal: Alex Tapscott returns all ICO cash

In a further hurdle on ICO's path to legitimacy, the startup announced on Sunday that it made the decision after Forbes broke the scandal over the invention of "advisors."

NextBlock said that Civic CEO Vinny Lingham and the federal prosecutor Kathryn Haun - now on the executive board of Coinbase - advised the project. This was not true, but Tapscott answered Lingham, denying the claims, even while Lingham himself "was looking at the deck with his face and bio" on the NextBlock’s website.

The U-turn by Tapscott, well-known name in Blockchain, adds to suspicions that ICO schemes, even from known "verified" legitimate parties, are not all what they seem.

Tim Draper, a major Tezos’s member, has continued to defend the project amid a deterioration in relations with investors over a split with the Swiss fund elected to protect ICO funds, which now cost about $500 million.

Reactions to the latest Cointelegraph’s report on the accompanying lawsuit suggest that only a small section of investors are dissatisfied with the delay in trading Tezzies, which was originally sold during the month in July.

NextBlock did not mention allegations against it in the press release in the meantime, simply stating its "first responsibility is to ... existing investors".

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