BitTorrent ICO to Raise $7.2M in 18 Minutes

The tokensale was overshadowed by a "system issue", may investors weren't able to buy BTT
29 January 2019   347

On Monday, January 28, on the Binance Launchpad site, there was a BitTorrent crowdsale expected by many investors. The campaign, accompanied by increased agiotage and technical problems, was completed in less than 18 minutes, and according to its results, 59.4 billion BTT tokens were sold (about $ 7.2 million).

BTT Crowdsale started at 15:00 UTC and was held in two parallel sessions: in one of them participants could buy tokens for the TRON (TRX) cryptocurrency, and in the second for BNB tokens.

As specified on the company's website, 23.76 billion BTT tokens were sold in 13 minutes and 25 seconds in a BNB session, the TRON session lasted 14 minutes and 41 seconds, and 35.64 billion BTT were sold at its end. During the campaign, one BTT token was sold for 0.00001824 BNB or 0.00447261 TRX.

According to Binance, a total of less than a thousand investors were able to participate in the crowdsale - 622 participants in the TRON session and 340 in the BNB session.

But users were not so happy. Under message of Zhao, there's a waterfall of angry users' comments, reporting on various issues, faced during tokensale.

So, some users reported that they did not display the purchase button. Others reported seeing an error message in Chinese.

Some still managed to get to the purchase page, but there they were first met with a message stating that the application was in the queue, and then a notification that the campaign was completed.

In the meantime, the founder of the TRON project, Justin Sun, wrote that he would like to explore the possibility of BTT to airdrop tokens for those who, due to technical problems, could not take part in the crowdsale. 

The head of Binance later added that the Tron team agreed to conduct a small airdrop, additional information about what will be given later.

We also note that another disappointment for investors, who had previously actively bought TRX and BNB, but failed to take part in the crowdsale, was a sharp decline in the price of both assets immediately after the campaign ended.

Gladius to Register Token as Security & Refund Investors

Startup self-reported in SEC on unregisted securities offering and cooperate with Commission, so it won't be fined
21 February 2019   104

Cryptocurrency startup Gladius Network LLC has informed the US Securities and Exchange Commission (SEC) about the sale of unregistered securities. On February 20, the SEC filed relevant charges.

During the ICO, the Gladius project raised $ 12.7 million in cryptocurrency equivalent for the development of a network for leasing computing facilities to protect against cyber attacks. The SEC stressed that the startup did not register their tokens as securities, as required by federal law, and did not agree to exclude them from the rules in the legal manner.

Moreover, tokensale was held after the publication of the SEC report on the situation with The DAO, in which the regulator stated that ICO can offer securities.

The press release says that Gladius contacted the SEC in the summer of 2018 and expressed interest in cooperating with the investigation. Thus, the agency refused to levy a fine, because the startup voluntarily agreed to return the funds to investors who require it and register the token in accordance with the provisions of the Securities Act of 1934.