Chinese The9 Ltd to be First TON Investor

According to the SEC documents, The9 Ltd acquired 5,297,257 TON worth $2M which are planned to be released in 2019; the single coin price during ICO was $0.38
25 July 2019   333

The9 Ltd, a Shanghai company, was the first to invest in the Telegram blockchain project in the course of the closed ICO held in 2018. This is stated in the statements of the company posted on the website of the US Securities and Exchange Commission (SEC).

The materials indicate that The9 Ltd acquired 5,297,257 tokens of Telegram Inc. worth $ 2 million, which are expected to be released in 2019. Thus, the price of a single coin during the ICO was about $ 0.38.

The9 Ltd was founded in 1999. It develops its own online games and distributes games on the territory of the People's Republic of China of other well-known manufacturers. In the 2000s, The9 Ltd was the exclusive distributor in China of the World of Warcraft game published by Blizzard.

Since 2004, The9 Ltd has been trading on NASDAQ. In 2018, the company decided to diversify its business by including blockchain projects in its investment portfolio. In particular, The9 Ltd has entered into agreements with Gingkoo Technology and C & I Singapore Renewable and Innovative on the development of projects based on distributed registry technology, in particular, with renewable energy.

In 2018, Telegram raised $ 1.7 billion from 175 investors in the course of two rounds of a closed tokensale.

The launch of the Telegram Open Network (TON) blockchain platform will take place in the third quarter of 2019. Earlier, developers reported on the successful conduct of a closed testing project.

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   304

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.