SAN FRANCISCO — Blockchain startup Tezos has been hit with a potentially groundbreaking class action lawsuit alleging that its blockbuster $232 million initial coin offering (ICO) over the summer violated U.S. securities laws and misled investors.

The civil suit comes after infighting among the leadership of Tezos broke into the open, and one of its founders admitted that momentum in developing the Tezos blockchain had slowed. It alleges that after those developments, the value of futures for the digital coin, called “Tezzies,” tanked by almost half, to the detriment of investors.

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