China launches Blockchain research lab

China forms government-backed blockchain lab amidst crypto crackdown
21 September 2017   1239

It’s been quite a tough time for the cryptocurrency community due to the whole China-against-Bitcoin thing, as a result of which the top cryptocurrency price has fallen. On top of that, according to undisclosed sources, the Chinese government has officially decided to crack down on all Bitcoin and cryptocurrency trading, not just commercial exchanges. However, this was not the end of the restrictions. Beijing News reported that executives of Chinese Bitcoin trading platforms may not leave the country, per industry insiders. 

Now China launches a research lab with the goal of promoting advances in blockchain technology that do not involve ICOs or cryptocurrency trading, as reported by ethnews.com. Thus, China’s Ministry of Industry and Information Technology has launched the Trusted Blockchain Open Lab to foster developments in the blockchain space.

As reported, lhe lab is operated as part of the China Academy of Information and Communications Technology (CAICT), a research institution within the Ministry. According to the China Economic Review, the CAICT is also building a platform on which blockchain firms and other experts can cooperate in exploring different applications of the technology.

The creation of the lab suggests that the government sees no conflict between the recent crackdown on ICOs and cryptocurrency trading and the exploration of blockchain technology.

The ban should not prevent relevant financial technology companies, industry bodies and other technology firms from continuing their research into blockchain technology.
 

Sun Guofeng
Director of the Institute of Finance of the PBoC

The man also argues that financial technology firms stand to benefit from exploring a wide range of blockchain applications aside from cryptocurrency, but that the degree of abuse and criminal activity in the field makes enhanced government supervision necessary.

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   174

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.