XTZ Shoots For $2 As Tezos Lawsuit Nears Settlement

XTZ shoots for $2 price range after more than two years of litigation, the Tezos Foundation agreed to settle the lawsuit levied against by early investors that reached $25 million. This could open the door to another XTZ rally as a new key barrier to development which could be soon lifted as we are reading in the tezos news.

The ICO of Tezos in 2017 raised about $232 million and at that time, this was the largest ICO raising that any other blockchain project did. The optimism for the future of the platform soon crashed as the early investors started to sue the foundation saying that they were given misleading information on the key development goals. All of the lawsuits were eventually consolidated. In the agreement to settle with the plaintiffs, the foundation claims that it did nothing wrong but asserted that the lawsuits still remain expensive for the foundation and should be settled for the future benefit of the platform:

‘’The Tezos Foundation chose to settle all claims because the Tezos Foundation believes it is in the best interest of the Tezos project and community as a whole. The Foundation continues to believe the lawsuits were meritless and continues to deny any wrongdoing. However, lawsuits are expensive and time-consuming, and it was decided that the one-time financial cost of a settlement was preferable to the distractions and legal costs associated with continuing to fight in the courts.’’

Looking over the lawsuits became the number one activity for the Tezos foundation and the issue affected all of the blockchain assets so the resolution will play a key role in the further development of the raise funds. XTZ shoots to a new price range as the foundation chose to settle the lawsuit because it feared that the court could not rule in favor on this topic. The settlement is still to be approved by the court. The crypto investors have been obsessed with Tezos over the past few months and its value has more than tripled since the past November. The key elements in the increase of the price have been its unwavering support by Tim Draper who is also an early investor.