By Anna Irrera and Steve Stecklow
LONDON (Reuters) - A three-year-long U.S. court battle over a cryptocurrency fundraiser, one of the largest initial coin offerings ever, has ended with a Swiss foundation paying $25 million to participants who lost money and their lawyers.
The litigation followed a Reuters investigation in October 2017 that detailed a bitter feud between the founders of the Tezos cryptocurrency project, Arthur and Kathleen Breitman, and the then-president of the Tezos Foundation, that threatened to derail the blockchain venture. (https://rb.gy/3ffpc0)
The Zug-based foundation had handled the fundraiser, which raised $232 million in just 13 days during a cryptocurrency buying frenzy in 2017.
Lawsuits alleged that the Tezos online offering was an unregistered securities sale. As a result of the settlement, the federal court did not rule on the matter.
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