News Tezos Launch Sees Investors Panic Over Lost Passwords

Tezos took investors by surprise again over the weekend as many appeared to realize they did not have access to a crucial password needed to claim funds.

Your Private Key Is Not Enough

The issue, which has gained significant traction on social media, became apparent after Tezos developers announced an incoming beta release of the platform.

As part of the announcement, developers requested those who contributed to Tezos’ July 2017 ICO to “verify” their stake by inserting their public key hash into a special tool.

While the process was ongoing, commentators noted that contribution and wallet data which each investor received as a PDF file following payment was insufficient to allow them access to future Tezzies (TEZ) tokens. Additionally, a password which users created during the contribution process was necessary.

The news appeared to catch many investors off-guard, with some complaining that messages from Tezos during the contribution process did not state the password was so important.

Those who did remember the password and still had the PDF document ridiculed the rest, with tongue-in-cheek posts surfacing on Twitter as it became apparent the password issue affected a significant number of ICO contributors.

I wonder if @TimDraper remembers his Tezos password. — WhalePanda (@WhalePanda) June 3, 2018

The Rush To Launch

Meanwhile, rumors also began swirling over the timing of the beta release, with some Twitter users claiming June 6 was the date the beta would go live. Binance, the world’s largest cryptocurrency exchange, may even add TEZ support prior to this, according to further unreferenced “rumors.”

Tezos has faced multiple hurdles in the eleven months since its token sale raised $232 million in Bitcoin and Ether.

Disagreements among senior management, consumer lawsuits over delays, and attempts to launch different versions of the platform had previously panicked investors, with Reuters leading a mainstream media effort to chronicle the chaos throughout this year and last.

Developers Arthur and Kathleen Breitman, along with major supporter Tim Draper, remained steadfast in their belief the project would eventually launch as planned.

What do you think about Tezos’ launch and password setup? Let us know in the comments section below!

Images courtesy of Shutterstock, Twitter/@andimule, Twitter/@WhalePanda.