Almost a year after its ICO, the Tezos project, having suffered from inner conflict, finally released its beta version and gets its tokens listed on the first cryptocurrency exchange.

The first week of trading of Tezos tokens led to their price falling more than two-folds. If a week ago XTZ traded at $4.13, today tokens were traded at $2.15, and on 6 July, the rate reached its record low of $1.13.

Tezos tokens in the form of debt obligations were traded earlier only on crypto exchange HitBTC, but last week the asset was listed by the cryptocurrency exchange Gate.io. Tezos investors, who were forced to wait a year before getting their tokens, flew to take advantage of listing on the trading platform with hogh liquidity and began to actively sell their tokens.

Tim Draper, early investor in Tezos, commented the price fall:

“There was probably some pent up supply since it took longer than expected for the tokens to launch. Some people probably needed some cash,” Draper suggested.

Tezos raised $232 million during its ICO in July 2017, but its further development was disrupted as a result of an inner conflict between Tezos co-founders, Arthur and Kathleen Breitman, and Johannes Gevers, president of the Tezos Foundation, set up to oversee the launch and development of the blockchain project. In October, Breitmans via their lawyer sent a 46-page letter to members of the Tezos Foundation board, demanding the resignation of Gevers. In February 2018, Gevers stepped down.

To date, several class action lawsuits were filed against the organizers of the Tezos project in the United States on charges of cheating investors, as well as violating federal securities laws.