Ex-SEC Official to Criticize IEO

John Reed Stark, 11 served as the headed the Internet law enforcement department believes IEO is "unregulated crypto-casino fundraising mutations"
07 June 2019   1291

John Reed Stark, who served 20 years in the US Securities and Exchange Commission (SEC), 11 of whom he headed Internet Enforcement department, being retired, is closely following the latest trends in the cryptocurrency industry.

In a recent publication for the Law360 portal, Stark decided to crush the phenomenon of initial stock exchange offerings (IEO), calling them "predators" and promising that the SEC would cover this "unregulated crypto-casino fundraising mutations".

They are an enticing medium for fraud, manipulation, insider trading, hacking and a broad range of chicanery. IEOs represent yet another blatant attempt to hijack a similar-sounding acronym — IPO — in an effort to lure investors seeking to get rich quick. However, just like ICOs, the IEO has not a single element in common with the IPO (other than the first and last letters of its acronym).

John Stark

Ex Head of Internet Enforcement Office, SEC

Stark is a longtime opponent of cryptocurrency and supports Warren Buffett in his opinion that Bitcoin is "akin to rat poison".

Much of bitcoin’s value, outside of mere speculation, is derived solely from its ability to facilitate criminal activity. Need a fake ID, bottle of opiates, a cache of credit card numbers, or a thousand Social Security numbers? Need a way to collect a ransomware payment? Need to fund terrorist-related activities? Need to hire a hitman? Cryptocurrencies like bitcoin have become the payment of choice for these, and a slew of other, criminal enterprises.

John Stark

Ex Head of Internet Enforcement Office, SEC

Some time ago another SEC official had criticize own agency for "smothering ETFs with personalized attention as if they were infants".

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   955

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 


Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.