Australia crushes on Fraudulent and Deceptive ICO

Australia’s financial regulator is repressing on misleading initial coin offerings (ICOs), referring on “a serious breach of the Australian law”
03 May 2018   470158

In the result of the regulator’s requests, some issuers have stopped their token sales or are updating their structures. On Tuesday the Australian Securities and Investments Commission (ASIC) declared  that it is taking measures “on misleading or deceptive conduct in the marketing and selling of digital or virtual tokens via initial coin offerings (ICOs).” ASIC is an independent Australian governmental structure that conducts as the country’s corporate regulator.

ASIC is issuing inquiries to ICO issuers and their advisers where we identify conduct or statements that may be misleading or deceptive. This is in addition to our inquiries where we identify potentially unlicensed conduct. As a result of our inquiries, some issuers have halted their ICOs or have indicated the ICO structure will be modified.
ASIC
(The Australian Securities and Investments Commission)

ASIC has also refreshed its information sheet on ICOs and cryptocurrency which defines “misleading or deceptive conduct.”

If you are acting with someone else’s money, or selling something to someone, you have obligations. Regardless of the structure of the ICO, there is one law that will always apply: you cannot make misleading or deceptive statements about the product. This is going to be a key focus for us as this sector develops. 
John Price, 
Commissioner, ASIC

The Commission presented 4 examples of what this conduct may entail. “The use of social media to generate the appearance of a greater level of public interest in an ICO” is the 1 on the list, then “undertaking or arranging for a group to engage in trading strategies to generate the appearance of a greater level of buying and selling activity for an ICO or a crypto-asset.” Also, “failing to disclose adequate information about the ICO” and “suggesting that the ICO is a regulated product or the regulator has approved the ICO if that is not the case” are banned as well.

OCamlPro May Implement Unplanned Tezos Hardfork

Anyone can fork Tezos' blockchain but Foundation says "OCamlPro management does not have the best interests of the Tezos community in mind"
18 June 2019   396

The non-profit organization Tezos Commons Foundation has published an official statement about a potential hardfork, which may be initiated by the French development team OCamlPro, the company's grantee.

As evidence, the organization published the text of an e-mail allegedly sent by Starchain Capital, a recently registered cryptocurrency fund.

According to the document, the management of OCamlPro and Starchain Capital announced a collaboration to develop and implement a fork of the Tezos blockchain called Dune Protocol in September 2019. The letter also says that Starchain Capital is attracting “investments to finance a separate project.”

Representatives of Tezos recalled that the blockchain can hold forks anyone. The problem, according to them, is the “OCamlPro management does not have the best interests of the Tezos community in mind".

We found the text also includes a number of inaccurate (to put it mildly) statements that are intended to exaggerate the position of OCamlPro leadership. They did not create OCaml, Fabrice was not the ‘teacher’ of Tezos co-founder Arthur Breitman, and the main Tezos engineers who were originally at OCamlPro are now working at Nomadic Labs, not OCamlPro.
 

Shaun Belcher

Executive Director, Tezos Commons Foundation

However, confirmation of whether the letter is an original or a fake has not yet been submitted.

OCamlPro participated in the Tezos grants program and worked on projects, Liquidity and TzScan. However, OCamlPro refused to fully disclose the code of their products, which is one of the conditions for receiving grants. Tezos Foundation announced the termination of funding OCamlPro in case of non-compliance in the second quarter of this year.

In March, the Tezos blockchain project completed the first round of voting for proposals for updating the protocol. The winning bid was ‘Athens A’, which received 18,181 votes.