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Jan. 30, 2018

Johann Gevers, president of the Tezos foundation, has said he will “step back” from his role once the project is back on track, after months of battles with Tezos’ founders, Reuters reported.

“I have consistently communicated ... my intention to step back from the Foundation as soon as things are on track with a new board that is independent and has the support of the Tezos community,” Gevers wrote in a post on Medium.

Gevers confirmed that the Foundation has hired a new law firm and is currently searching for an accounting firm.

Tezos raised $232 million in an ICO in July, but the project was derailed by disputes between co-founders Arthur and Kathleen Breitman, who control the code, and the Tezos Foundation, which controls the funds.

Problems continued to develop as at least four separate law firms in the United States brought class-action lawsuits against Tezos for incorrectly representing the legal status of the tokens sold in the ICO.

Having had financial transactions frozen late last year, the foundation has regained access to limited banking services, allowing it to start paying creditors and software developers again.

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