China & Tencent to Fight Blockchain Security Risks

Vice President of Tencent Bin Ma announced the creation of the China Blockchain Security Alliance
22 June 2018   804

Technological giant Tencent began to cooperate with the Chinese government on combating the risks associated with the blockchain, CoinDesk reports.

Tencent's Vice President Bin Ma announced the creation of the China Blockchain Security Alliance during the Blockchain Security Forum in Beijing.

The forum was organized by the Association of Technology Markets of China and is aimed at coordinating the work of various organizations on the "healthy development of the blockchain industry".

The security alliance of China's blockchain will include Tencent Security unit, as well as the Blockchain Case Study Center, the Association of China's Technology Markets and more than 20 public and private institutions.

The decision to form the structure was made against the backdrop of an increase in the number of crimes related to the blockchain in China. In April, the state edition of Xinhua reported that the Xi'an city police in the central part of the country suspended the activity of the financial pyramid, in the promo materials of which the developing technology was mentioned. The victims of the scheme are over 13,000 investors who invested about $ 13 million in 17 days.

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   277

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.