Business Insider takes a look back at one of the biggest trends in finance from 2017; Initial Coin Offerings or ICOs have become one of the main ways for companies in the blockchain space to raise capital; more than $3.5bn was raised using this method; some of the top raises include $153mn by The Bancor Protocol, $232mn by Tezos and $257mn by Filecoin. Source.
After raising more than $232mn in an initial coin offering the company is now involved in a legal battle that could delay the launch into 2018; the dispute highlights the risk involved in the new form of financing since companies are raising money from a concept; how the case turns out could potentially effect future fundraising and whether or not investors feel secure enough to pour capital into young companies. Source.
Tezos raised $232 million in their initial coin offering; according to sources there is a dispute happening behind the scenes between the two founders (Arthur and Kathleen Breitman) and the president of a Swiss foundation (Johann Gevers); the two founders helped create the foundation to handle the ICO and to develop the Tezos network; the Breitmans made accusations of self-dealing, self-promotion and conflicts of interest against Gevers in a letter to other members of the board; Gevers refutes the claims made by the couple. Source