BitKan to Raise $10M in a Series B Funding Round

The round was led by Zhongyunhui Capital, IDG Capital and Bitmain
04 April 2018   1737

Based in China's Shenzhen, the start-up BitKan attracted an investment of $ 10 million during series B financial round, reports CoinDesk.

The round was headed by the Chinese financial company Zhongyunhui Capital. Among other participants - IDG Capital and the world's largest manufacturer of mining equipment Bitmain. The latter had already invested in this start-up - in the spring of 2016, during the series A r financing round, the Chinese giant invested $ 1.6 million in BitKan.

According to representatives of BitKan, the funds raised will be used to expand the business and create a platform called K Site, the beta version of which is scheduled for April 20.

The new service is a platform where users exchange their generated content for KAN tokens. According to representatives of BitKan, the site will mark a step towards a higher quality of content and will be of great importance in an environment filled with "fake ICO and scams".

Free content can only attract page views, but putting up a paywall can improve content quality considerably.
 

Yu Fang

CEO, BitKan

As part of the expansion of its operations, the company also plans to open offices in Hong Kong, Singapore and Tokyo.

The BitKan platform was founded in 2012. Initially, the startup specialized in over-the-counter trading operations, providing data on the prices of cryptocurrencies an wallets.

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.