- Tezos was accused of false advertising and securities fraud of its tokens.
- Internal miscommunication led the network to postpone the distribution of its tokens.
Tezos Foundation, the educational wing of the smart contract and dApp platform, announced that Roman Schnider will take over Eelco Fiole’s role of Chief Financial Officer at the firm. Roman Schnider is the co-creator of PricewaterhouseCoopers Switzerland’s blockchain initiative. Fiole was hired six months ago during a period of executive expansion, which Tezos President Ryan Jesperson called “an important step forward by strengthening its internal expertise and capabilities.”
Tezos performed well in the blockchain community since its record-setting $232 million ICO in July 2017. However, it suffered internal and external disputes. Due to an internal miscommunication, the permissionless network postponed the distribution of its tokens. Subsequently, three lawsuits were filed against it in November 2017 accusing Tezos of false advertising and securities fraud.
Schnider became acquainted with Tezos when he was hired to perform an independent, external audit of the firm in July 2018. It must be the first time a major U.S. accounting firm worked with a large-scale blockchain organization. Tezos commented:
“We believe that accountability and trust will be central pillars of any successful entity operating in the blockchain space.”
Schnider worked as a financial director for over 14 years at PwC. He also launched the department for blockchain and cryptocurrency assurance in 2016.
“Roman’s experience makes him the ideal finance and operations specialist for our team. He is already familiar with the opportunities and challenges blockchain projects face and has a deep understanding of the Tezos Foundation from his time at PwC Switzerland,” said Jesperson, in a statement.
Fiole worked for twenty years in the financial services industry, including co-founding Alpha Governance Partners, an international risk-governance focused fiduciary services firm, before joining Tezos. Jesperson said:
“We want to thank Eelco for his contribution to the development of the Foundation and wish him all the best.”