Bacoin Creators Threatened With Legal Proceedings

Kirk Steele said in 2014 he came up with the concept of the Bacoin cryptocurrency
04 May 2018   739

27-year-old IT employee from the State of Michigan Kirk Steele said that as far back as 2014 he came up with the concept of the Bacoin cryptocurrency, which the meat producer Oscar Mayer currently uses during the advertising campaign. In connection with this, Steele sent HelloWorld Inc., engaged in an appropriate promotional event, a letter demanding to stop the action and threatened with legal proceedings, reports Motherboard.

According to Steele, despite the fact that his own bacoin project is far from over, he decided to take action against the Oscar Mayer campaign because of the obviously humorous nature of the advertising campaign. At the same time, Steele created his coin to potentially bring real benefits.

I thought [Bacoin] would be a nice way to get a local company in Michigan some coverage and have some fun with it. My initial reaction to [Oscar Mayer’s Bacoin] was that this is awesome, but then I realized that it’s fake and I don’t think there’s going to be any sort of blockchain behind it.

Kirk Steele

Creator of Bacoin in 2014

Subsequently, a representative of Kraft Heinz, the parent company of Oscar Mayer, said that the corporation was "completely confident in the uniqueness of the Bacoin advertising campaign" and the firm had already contacted Steele.

Soon after, a Michigan resident told the Motherboard that he had found a common language with the company.

[The company will also be] sending the Wienermobile to my house for my kids entertainment and supplying me with some free bacon. Not sure how much bacon I will be getting but I know they are sending me some swag.

Kirk Steele

Creator of Bacoin in 2014

Oscar Mayer is not the first food company that uses crypto currency for advertising purposes. So, in mid-January, the Canadian branch of KFC was already trying to lure Satoshi Nakamoto "Bitcoin-Basket" with chicken.

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   235

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.