Chinese Firm Buys Controlling Stake of US Crypto Exchange

Seven Stars Cloud Group will be the largest shareholder of the Delaware Board of Trade Holdings
25 December 2017   1112

This week Seven Stars Cloud Group, Inc. (SSC), Chinese cloud-based solutions service, published a press release, announcing its 27% purchase of The Delaware Board of Trade Holdings Inc. (“DBOT”), blockchain based Alternative Trading System fully licensed by the SEC, for 1,627,869 shares of SSC common stock.

We are thrilled to further partner and form a deeper business relationship with SSC as DBOT and its various business lines become key engines that power SSC’s Global Trading Platform Network for Initial Exchange Offerings.

 

John Wallace

CEO, DBOT

SSC is owned and run by Bruno Wu who is believed to be one of China’s biggest business and entertainment moguls. The transaction will make SSC the largest shareholder of DBOT.

According to SSC website, the company is aiming to become a global leader in providing next-generation Artificial-Intelligence (AI) and Fintech Powered Solutions. According to the release, SSC will leverage DBOT’s established and regulatory approved ATS for powering SSC’s blockchain based Nextgen X, which focuses on the trading of financial products including ETFs backed by digital assets.

The company also hopes to establish a “plug and play” solution spread over 30 different exchanges in Japan, UAE, Singapore, Africa, Korea, China, Germany, and the United States.

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   213

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.