Angry investors in a high-profile coin offering stalled by infighting are taking a page out of activists’ playbook—proposing a new board of directors—to get the project back on track.

The cryptocurrency deal, called Tezos, was designed last year using the technology behind bitcoin to develop software to automate complex transactions. But after raising $232 million, Tezos became embroiled in a power struggle between its creators and the chairman of a nonprofit foundation overseeing the project.

...