Austrian Government allocates €8 million for blockchain research

This funds will be directed to establishment of a new Research Institute for Cryptoeconomy at University of Vienna
07 December 2017   1590

In the beginning of December the first meeting of invited experts took place at University of Vienna. The event was graced by the presence of Austrian Minister of Science, Research and Economy Harald Mahrer. The main effort of the gathering was establishment of a new Research Institute for Cryptoeconomy, which will be headquartered in Vienna.

The newly created institute will focus on development of new implementations of blockchain technology in digital services. Austrian private sector expressed great interest in blockchain technology usage to regulate different aspects of existing and emerging business ventures. One of the major Austrian energy suppliers, Wien Energie, is interested in several possible applications of blockchain, including regulation of peer-to-peer energy transfer. In turn, Austrian government indicates, that it will support the new regulations that will legally enable such uses of blockchain.

During the meeting Mahrer announced, that Austrian Government will support the Institute by allocating €8 million research fund. He stated, that the business will greatly benefit from using blockchain technology and that it's essential to explore this possibilities without restrictions from regulatory efforts.

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   182

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.