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The original, Gevers-led foundation still controls the ICO proceeds, which are estimated to have surged to more than $1 billion in value since July because they are mainly in ether and bitcoin. The Breitmans set up the first foundation last year, but have little or no influence on its goings-on because neither of the couple hold a formal role in it. Foundations are relatively easy to set up in Switzerland – it requires 50,000 Swiss francs and a specific purpose, which can be loosely defined.

Bonus Skirmish

As easy as it is to set up a foundation in Switzerland, it is nigh impossible to alter them when they are up and running. The rigid set-up, light regulation in Switzerland, and great flexibility and autonomy for foundation officials leaves Gevers in the driver's seat, as finews.com previously reported. 

Investors and supporters have been clamoring for him to step down since the infighting broke out after the Breitmans accused Gevers of bonus self-dealing. Last week, the South African-born entrepreneur appeared to signal he would step down eventually, but later removed the reference, as finews.com reported. Until now, Bern-based regulators have not stepped into the skirmish.

No New ICO

The Tezos community proposed seven people to the new, T2 foundation board, including Olaf Carlson-Wee. The influential crypto investor was suggested for the original Tezos board, but apparently rejected by Gevers as being too close to the Breitmans. Others include retired Swiss computer scientist Marylene Micheloud; Ryan Jesperson, who was operating chief of fintech firm Divvy for one year; and Hachemi Ayad, a corporate lawyer in Switzerland.

The new foundation said it won't launch another ICO or other donations, nor oppose the original Tezos foundation. The group raised the specter of launching the Tezos network on the same genesis block the first foundation would have, with T2 taking coins allotted for the first foundation.