Tezos finally settles a class action lawsuit for $25 million USD, bringing to end a 3-year litigation process. 

In its 2017 ICO, Tezos, which had developed a proof-of-stake blockchain, raised a staggering $232 million. However, in December 2017, a group of private plaintiffs launched legal action against Kathleen and Arthur Breitman, founders of Tezos, plus the Tezos Foundation, accusing the project’s ICO of being an unlicensed securities offering.

Though both parties had agreed on the settlement in California back in March, it has now been approved by a Federal judge. 

The settlement will see the $25m shared out among all those who participated in Tezos’ 2017 initial coin offering (ICO) between 1-13 July and sold their XTZ for a loss prior to 25 November 2019, did not sell their tokens before 25 November, or have lost their passwords and are unable to access their XTZ altogether.

However, the defendants, Tezos’ founding family, and anyone who held a position within the Tezos Foundation, or any firm with a “controlling interest” in the ICO, are excluded from the settlement. 

In addition to the settlement of $25, Tezos has been ordered to pay legal fees worth around a third of the settlement, plus the defendants are required to pay an additional $203K of legal costs separately. 

As part of the settlement, the plaintiffs have forfeited their rights to make any future claim against Tezos or any of the defendants. 

Parties have until 16 October to file claims in the settlement.

AYO.NEWS says:

Though this settlement has been on the cards for months now, federal approval means Tezos can finally get things sorted and put an end to a 3-year headache, and concentrate on innovating and building for the future. 

Other blockchain and crypto projects are not so lucky, and can look forward to years of legal wrangling, and possibly expensive settlements, legal costs, and maybe even worse. 

For example, in June Bittrex and Poloniex were dragged into a class-action lawsuit alleging serious market manipulation during the 2017 bull run. While, in May, seven crypto firms, including Binance, BitMEX, Block.one, and the Tron Foundation, were hit by lawsuits filed in New York. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Identity Verification-as-a-Service solutions provider IDnow, has announced the acquisition of Wirecard Communications Services. 

According to IDnow, the COVID-19 crisis has led to a sharp increase in demand for its digital verification procedures, and the acquisition will help it increase responsiveness and cut waiting times for customers.

Wirecard Communications Services GmbH was established in April 2003, as part of the now defunct Wirecard Group – which recently collapsed in a high-profile scandal. It was offered for sale by way of an asset deal.

IDnow and Wirecard Communications Services have already been working successfully together for more than five years, and the deal will see IDnow retain the Leipzig office and the majority of the 150 employees based there.

Discussing the acquisition CEO of IDnow, Andreas Bodczek, said:

“With the integration of Wirecard Communication Services into the IDnow Group, we are seizing the opportunity to further improve our range and service quality for our customers. 

!We have worked in close collaboration with this division of the company for several years and greatly appreciate the qualifications and experience of its employees. We are on a strong growth path and will maintain and further develop the Leipzig location.”

While Managing Director Wirecard Communications Services, Amra Blume, added:

“We are delighted to have found in IDnow a buyer who appreciates and knows our company and has such a friendly culture. Personally, I am very pleased to stay on board and work in the team at IDnow.”

AYO.NEWS says:

2020 has seen a seismic shift as thousands of businesses around the world rapidly pivoted to an online model, to ensure they could keep trading in the face of the COVID-19 lockdowns and uncertainties. 

In doing so, many are finding they urgently need effective ID, KYC, AML and security services, and the challenge for many such providers has simply been keeping up with demand. Clearly, IDnow have decided to make the most of the opportunity, and with no end to the crisis in sight, we’d say the future is bright for the company. Its also fantastic news for the Wirecard employees, who were facing a very uncertain future. 

As we recently reported, the COVID-19 crisis is also fueling the adoption of technologies like blockchain, as both companies and institutions scramble to find new, secure solutions to allow them to operate entirely online.

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

SiGMA Group has announced the 4th edition of the AIBC Summit has been rescheduled due to the ongoing COVID-19 crisis. 

With Malta now suffering one of the highest infection rates in Europe, organisers have postponed the AI, blockchain, IoT, Quantum, and emerging tech event until 17-18 February 2021, when it will run alongside the SiGMA iGaming summit at the Malta Fairs & Conventions Centre (MFCC). 

Explaining the decision SiGMA Group Founder, Eman Pulis, said:

“AIBC 2020 was due to take place this Nov, the show was sold out and we were extremely excited for this edition to take place. However COVID-19 had other plans and therefore we have decided to postpone the show for another 3 months. I must send my gratitude to all the exhibitors who agreed to move their participation at the event with us. I look forward to the new dates and I look forward to welcoming you all with arms wide open.”

AYO.NEWS says:

As we’ve said before, while we very much hope things do get back to ‘normal’ next year, given what we’re seeing on the ground all over the world –  record infection rates, and the fact that every time restrictions are eased in an area, infections seem to rocket, causing restrictions to be reimposed – its perfectly possible that, unless governments decide to adopt a completely different approach, we’ll still be in a very similar situation well into next year. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Self-proclaimed Bitcoin (BTC) inventor Craig Wright, has filed a lawsuit against Bitcoin.com chairman Roger Ver… in Antigua and Barbuda. 

Wright suing Ver, again

According to CoinGeek, Wright has filed a libel suit against the well-known crypto industry figure, with the High Court of the tiny Caribbean country. Specifically, Wright is suing Ver for daring to state he isn’t the real Satoshi Nakamoto – the as yet unidentified creator of Bitcoin. 

To be fair, in a May 2019 video message to Wright, Ver did say “Craig Wright is a liar and fraud, so sue me, again,” – so he really did, quite literally, ask for it!

Apparently, Wright is seeking an injunction to prevent Ver from making similar “defamatory” statements on social media, like YouTube and Twitter, along with monetary compensation. However, reports suggest that Wright’s team hasn’t been able to actually serve Ver, who is currently giving them the run around the islands.  

Wright has previously attempted similar legal action against Ver in the High Court of England and Wales. However, in that case the courts dismissed the suit because of questions regarding jurisdiction. Wright’s subsequent appeal was also dismissed, for similar reasons. 

Why Antigua and Barbuda?

If you’re currently wondering quite why the High Court of Antigua and Barbuda, a country with fewer than 100,000 residents, will have any more power than the High Court of England and Wales, it’s because, according to the court documents, both Wright and Ver are citizens of the country.

Wait, what? Isn’t Craig Wright Australian, and doesn’t he live in London? Well, yes, but Australia permits dual citizenship and London… well, he’s Australian. 

At this point it might be worth pointing out that Antigua and Barbuda is a well-known tax haven, with IBCs completely exempted from all taxes, including corporation tax, income tax, capital gains tax, withholding taxes, stamp duties, estate taxes, and dividend taxes.

Of course, we’re sure Wright would say he’s just there for the Caribbean sun and sand, but plenty of others would argue that sodding off to a tax haven pretty much undermines any attempt he makes to occupy the moral high ground… like suing people because his feelings are hurt. 

Ver’s time running out?

As for Ver, who is apparently also a citizen of fellow Caribbean tax haven Saint Kitts and Nevis, things might be about to get much more complicated.

As annoying as Wright can be, Ver has also ruffled more than a few feathers with his libertarian, anarcho-capitalist ways (and there was that time he served 10 months in a US jail for selling explosives on eBay).

He’s kind of like that other famous crypto exile, face panty-wearing John McAfee. But, unlike McAfee, who’s exploits seem to revolve firmly around winding up ‘The Man’, Ver is also suspected of being a partner in the $722 million Bitcoin scam, BitClub Network, and screwing regular people out of millions.

As previously reported, in July, Silviu Catalin Bacali, a 35-year old Romanian programmer pleaded guilty to his part in the massive Bitcoin ponzi scheme, and alleged accomplices Matthew Brent Goettsche, Russ Albert Medlin, Jobadiah Sinclair Weeks, and Joseph Frank Able, have also been charged by US authorities.  

All original content featured on this site is © Pentagon Digital Limited, 2020

Find out how New York startup Blockparty is changing the art and collectibles world through a unique combination of blockchain technology, NFTs, and traditional art world expertise.

Simona talks with Blockparty CEO, Vladislav Ginzburg, about the platform’s recent launch, which saw digital art from Madsteez, Ryan Keeley, and Harif Guzman sell-out, and what we can expect in the future.

Check out Blockparty at https://blockparty.co/

Binance, one of the world’s largest cryptocurrency exchanges, has launched a new London advertising campaign ahead of its UK launch. 

Seychelles-based crypto company Binance is set to launch a regulated UK platform this autumn, and is getting the word out with advertisements at London bus stops. 

Binance’s upcoming UK platform will be registered with the Financial Conduct Authority (FCA), and is set to offer up to 65 digital assets for trading. The company has also said it will be joining the CryptoUK industry association as an executive member. 

AYO.NEWS says:

While Binance is well-respected in the crypto community, we can’t help but think advertising like this in London might not be a great idea right now. At the end of July, Richard Heart’s controversial ERC-20 based HEX token launched a large advertising campaign ecompasing London and West Midlands buses, taxis, and newspapers. 

Unfortunately for Binance, because a lot of the people being introduced to it via bus stop ads won’t exactly be clued-in on the crypto scene, they will see the ads and automatically lump them all in with the HEX scam – much like how Ryanair boss Michael O’Leary recently stated that Bitcoin itself was a scam, because he’d tarred it with the same brush as the “Bitcoin Lifestyle” scam. 

pic.twitter.com/nKITQR0WHQ

— Classborn 🌐 (@classborn) August 30, 2020

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020