Australian Blockchain Firm signs $190 Mln Mining Contract

IoT Group, Sydney-based ASX-listed firm, has signed a contract with the Australian reseller of Bitfury’s bitcoin mining hardware to begin a mining operation
07 May 2018   741

ASX-listed company, Sydney-based IoT Group began a mining operation if it can get a written off coal plant up and running again. According to the announcement and of the Australian Securities Exchange (ASX) on Monday, the IoT Group displayed its subsidiary IoT blockchain had signed a ‘conditional binding terms sheet’ with Royalti Blockchain Group, the Australian reseller of bitcoin mining hardware giant Bitfury.

The above mentioned contract sees the IoT Group envisioning the development of a ‘Blockchain Applications Complex’ (BAC) in Hunter Valley, operated by the Redbank power station – a decommissioned coal plant. IoT group cooperated Hunter Energy in the endeavor with the latter working to acquire the power station to build the supposed mining center across two hectares. If effective, the IoT Group declares it will be able to draw energy at wholesale prices from the power station.

The deal is offered to be over AUD$190 million, although disclosure compliance rules see no details of the figure present in the official ASX announcement. The agreement affirms that Royalti would install its Bitfury mining hardware at the facility provided by the IoT Group, alongside 20 megawatts of power for at least five years at 11 cents per KWh. Retail differs, in comparison, cost between 30c to 45c/KWh.

Investors should note that the Terms sheet is subject to and conditional upon the satisfaction or waiver of certain conditions precedent, including the completion by Hunter Energy of its proposed acquisition of all right, title and interest in the Redbank Power Station to the absolute satisfaction of IoT…If Hunter does not complete its acquisition…or if competition does not occur under the terms sheet…the transaction…will not proceed.
IoT Blockchain
Firm, Australia

The announcement claimed that the terms for a legally binding Power Purchase Agreement will take place no later than October 1, 2018.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   304

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.