Chinese Public Now Has a Way to Report Illegal ICO

The China National Internet Finance Association has added a "token sales" category to its platform that allows the public to report on illegal financial activities
28 August 2018   1499

The Chinese self-regulatory organization intends to support the state in combating illegal campaigns for the ICOs. This is reported by CoinDesk.

The Chinese National Internet Finance Association (NIFA), a self-regulatory organization founded by the People's Bank of China (PBoC), added the category of "token sales" to its platform designed to convey reports of possible episodes of illegal financial activity.

NIFA is the portal operator, through which citizens can file complaints about suspicious financial activity. Previously, most of the complaints sent through this portal were related to lending between individuals, insurance on the Internet, equity financing and online payments.

Now the association has added the option of sending messages about "sales of tokens", through which residents of China will be able to report on activities related to cryptocurrencies, recognized illegal under the last year's order of PBoC.

The activities that is offered to be informed by portal users includes the functioning of crypto exchanges, direct and indirect provision of registration, trading, clearing and settlement services during the ICO, as well as business insurance in the field of cryptocurrencies.

Last week, China's leading financial regulators issued a warning about new forms of attracting financing using cryptotokens such as "initial exchange offerings" and "initial fork offerings" despite the country's bans.

In addition, the Chinese corporations Baidu, Alibaba and Tencent expressed their readiness to cooperate with the government and promised to prevent any attempts to carry out OTC transactions with cryptocurrencies in their own services.

Dutch Crypto Startup Founder Busted

Komodore64 said they developed blockchain games and sold $86 000 000 worth K64 tokens, but investors don't receive any profit
13 November 2019   169

Dutch police arrested the founder of blockchain startup Komodore64, who allegedly raised $ 86 million from private investors. The company has already filed for bankruptcy, and investors and employees accuse it of fraud, according to Sprout.

Komodore64 developed blockchain games and invited investors to invest in the K64 native token. One of the investors, the newspaper writes, lost 600 thousand euros. As soon as partners and employees publicly stated that they had not received the promised fees, the company filed for bankruptcy.

Founder Sam Narain allegedly convinced investors that the startup supported the banking giant Goldman Sachs, but a group of bank representatives at one of the meetings turned out to be fraudulent.

In recent weeks, Narain has been living in the Hague Hilton, where he was hiding from angry investors. The names of his possible accomplices are still unknown, as is the fate of money.

Employees claim that only a party in honor of the launch of the project cost tens of thousands of euros.