The SEC fines a person after raising $40.7 million via an ICO
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Answer The SEC fines a person after raising $40.7 million via an ICO
The US Securities and Exchange Commission (SEC) continues to monitor and follow up on those behind the ICO fundraising.
Most recently, someone raised more than $40 million from an initial coin offering (ICO) in 2018.
According to a report published by the SEC, “Craig Sproul” and his companies are sued by the SEC for submitting an unregistered offer of securities sales.
From ICO to gold mining in South Africa:
As reported by the US Securities and Exchange Commission, Sproul raised $40.7 via an Initial Coin Offering (ICO) for digital currencies symbolized by:
Crowd Machine “(CMCT)”.
From January 2018 to April 2018.
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The Crowd Machine project and Sproul later began withdrawing money from ICO offerings to the entities behind South African gold mining without disclosing it to ICO investors.
The SEC estimates that the amount transferred is $5.8 million that was originally pledged to be used to build a new decentralized technology called “Metavine.”
I said Christina Littmann, Head of the Internet Unit in the Law Enforcement Division at SEC, said:
We will continue to hold issuers of digital assets securities that fail to provide comprehensive and honest public disclosure.
This is not the first time that the SEC has charged fees for ICO projects, labeling them as unregistered securities.
In 2019, the US Securities and Exchange Commission accused ICObox and its founder of selling $665 million in cryptocurrency.
The SEC has also taken action against several celebrities for their involvement in promoting ICOs.
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