BCOT to Return $13M to Investors Due to SEC Order

In 2017, BCOT raised $ 13m during unregistered ICO to develop a blockchain platform for creating instant messengers 
19 December 2019   932

The US Securities and Exchange Commission (SEC) demanded to stop the activities of the New York blockchain startup Blockchain of Things Inc. (BCOT), which held an unregistered ICO in December 2017.

BCOT raised $ 13 million to develop a blockchain platform for creating instant messengers with the ability to issue digital assets.

Due to the fact that the ICO campaign was not registered in accordance with federal securities laws, the SEC demanded that the startup be stopped, obliged to return illegally collected funds to investors, and also pay a fine of $ 250,000.

In addition, BCOT will have to register its tokens as securities and periodically report to the regulator.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   878

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.