One of the year’s biggest initial coin offerings, a $232 million token sale by Tezos, is embroiled in a management fight that is threatening the deal and highlighting the risks in this red-hot corner of finance.

Tezos’s fundraising in July at that point was the largest initial coin offering, a new type of rapid fundraising that has captured imaginations and rivaled venture capital for technology startups. But a battle between the founders of the company and the head of the Swiss foundation they installed to give it more independence...