Page 1 of 2

Could the fight for control at Tezos be nearing an end? The embattled head of the cryptocurrency's Swiss foundation says he will step down – under certain circumstances.

Johann Gevers has become a lightning rod for the 1,700-strong community of Tezos backers including investors and developers. Until now, the South Africa-born digital entrepreneur hasn't responded to attacks from the community, which accuses him of lying to investors at his previous, now stalled venture, Monetas, as finews.com previously reported.

Late on Sunday night, Gevers responded to the months-long character attacks, signaling that he will step down – under certain, somewhat murky terms. «I have consistently communicated — to Arthur (Breitman, Tezos developer) and many others...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,» according to a «Medium» blog posted by Gevers.

«Arthur» is Arthur Breitman, one half of the French-Canadian couple who developed the technology behind the Tezos cryptocurrency and tasked Gevers with setting up a Swiss foundation. The Zug-based entity raised a record-breaking $232 million in a coin offering last July, but Breitman and his wife and collaborator, Kathleen Breitman, have been at odds with Gevers since last fall.

«Klepto Valley»

Gevers, who confirmed to finews.com that he authored and published the post, took it down several hours after posting it, saying he had been advised to do so «for prudential reasons.» He is accused by the Breitmans of self-dealing and helping himself to proceeds from the fundraising. A bitter, public fight unfolded, with Gevers slammed by detractors for besmirching Switzerland's «crypto valley» efforts into a «klepto valley».

The nub? The Breitmans agreed to transfer Tezos' technology and intellectual property to Switzerland, where a foundation will shield it from tax – and scrutiny. In doing so, they gave up more control than they likely intended: Swiss foundations are rigid legal entities, and most influence lies with the foundation board.