FINRA Warns About Cryptocurrency-Related Stock Scams

The stock price of Long Tea Corp. soared by more than 200% in the wake of its announcement that the company changes its name to "Long Blockchain Corp."
22 December 2017   995

Yesterday the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization in the U.S., published a new warning about cryptocurrency-related stock fraud.

FINRA, an organization which provides testing and licensing for registered brokers and financial professionals, said that investors should be cautious when assessing solicitations from such firms that seek to fund cryptocurrency initiatives without the business fundamentals and transparent financial reporting to back up such claims.

The company added that today it’s easy for companies to make glorified claims about new products, services and other cryptocurrency-related connections due 'hot' cryptocurrency environment.

Long Island Iced Tea Corp. announced yesterday that it changes its name to "Long Blockchain Corp." after shifting its primary corporate focus towards the investment in blockchain technology. The stock price of Long Island soared by more than 200% in the wake of its announcement.

Long Island Iced Tea СhartsLong Island Iced Tea Charts

Recently, we have also reported that Veltyco company saw its stock price leap higher after telling investors it has started discussions with blockchain and cryptocurrency providers about potential partnerships. After the announcement Veltyco’s shares jumped 20%.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   114

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.