As the cryptocurrency ecosystem comes closer to a boom in decentralized finance (DeFi), it might be prudent to remember the initial coin offering (ICO) mania and the price that many investors paid for being maybe too trusting, greedy, and illiterate.
It comes as no surprise that fraudulent activities in the cryptocurrency sphere continue to run amok and the Securities and Exchange Commission has the quite impossible task of showing criminals there are consequences to their actions. Only a handful gets caught, which may even motivate potential fraudsters based on a simple risk-reward analysis.
Today, three individuals were charged by the SEC for defrauding hundreds of retail investors out of more than $11 million through two fraudulent and unregistered digital asset securities offerings. This has allegedly taken place from late 2017 through May 2018. The commission is charging Kristijan Krstic, founder of Start Options and Bitcoiin2Gen, and John DeMarr, the primary U.S.-based promoter for these companies, for inducing investors to buy digital asset securities in their unregistered initial coin offering (ICO) of B2G tokens.
The complaint alleges the promoters, Robin Enos and DeMarr, falsely claimed that the B2G tokens would be deliverable on the Ethereum blockchain, that the invested funds would be used to develop a coin that was “mineable,” and that the tokens would be tradeable on a proprietary digital asset trading platform in early April 2018. In reality, the claims about the B2G tokens were false, Bitcoiin2Gen was a sham, and Krstic and DeMarr allegedly misappropriated millions of dollars of investor funds for their own personal benefit, according to the SEC. Oddly enough, Start Options was not “the largest Bitcoin exchange in euro volume and liquidity” despite their claims of them being “consistently rated the best and most secure Bitcoin exchange by independent news media.”
Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit, said: “The conduct alleged in this action was a blatant attempt to victimize those interested in digital asset technology and these defendants should be held accountable. In reality, we allege, these ventures were fraudulent enterprises aimed simply at misappropriating funds from investors.”
The SEC is charging Krstic and Demarr with fraudulent activities and Enos with aiding and abetting those activities. The accused will probably end up paying injunctive relief, disgorgement plus interest, penalties, as well as facing an officer-and-director bar.
Amidst the persistent depreciation of the Japanese yen against the US dollar, pressure mounts on Japanese policymakers to translate their verbal assurances into tangible actions.
Chivo Wallet, El Salvador’s official cryptocurrency wallet, has dismissed reports of a hack involving its software source code and the data of over 5 million users associated with its KYC (Know Your Customer) procedures.
This landmark achievement sets it apart in the cryptocurrency landscape, where traditional favorites like Dogecoin and Shiba Inu are witnessing a price decline.
Ethereum ecosystem developer Consensys Software has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), challenging the agency’s regulatory actions concerning Ethereum and its related services.
Tradeweb Markets Inc. (NASDAQ: TW) has just announced its financial results for the first quarter of 2024, which showed a robust performance for the three months through March.
BGC Group announced that its exchange platform, FMX Futures, is now valued at $667 million after receiving investments from a notable consortium of financial institutions.
The realm of cryptocurrency investing presents a thrilling blend of challenges and opportunities. The legendary gains by early Ethereum investors serve as a powerful lure for those seeking the next major breakthrough.
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on whether to authorize options trading on spot bitcoin ETFs, extending the review period by an additional 45 days. The new deadline for the SEC’s decision is now set for May 29, 2024.
Solana cryptocurrency can be expected to fall further toward the next support level 130.00, target price for the completion of the active impulse wave (i).
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