SAN FRANCISCO — Five groups of plaintiffs lawyers on Thursday jockeyed to lead a proposed investor class action against Tezos, which raised some $232 million in cryptocurrency last year in an initial coin offering (ICO) but has still yet to launch its promised blockchain network.

The various entities behind Tezos, including the California-based Dynamic Ledger Solutions and the Tezos Foundation in Switzerland, face a slew of class actions filed last autumn alleging that they sold unregistered securities. The suits seek to allow investors to have their “Tezzies” tokens refunded; a bid to freeze the project’s assets fell flat last year.

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