Gladius to Cease Operations

Earlier, the SEC accused Gladius of selling unregistered securities; company shuts down failing to comply with the request for a refund to investors
25 November 2019   273

Gladius, a cybersecurity blockchain startup, has shut down, failing to comply with the U.S. Securities and Exchange Commission (SEC) request for a refund to investors. Suspension notice was sent by co-founder and technology director Alex Godwin to Telegram.

We regret to inform you that Gladius Network LLC has ceased operations effective immediately and has filed for dissolution. Despite our best efforts, the company no longer has funds to continue operations.

Gladius Team

Earlier, the US Securities and Exchange Commission accused Gladius of selling unregistered securities. The project raised about $ 12.7 million during the token sale in late 2017. The SEC decided not to impose penalties on him, taking into account the fact that Gladius voluntarily reported the violations.

The SEC did not impose a penalty because the company self-reported the conduct, agreed to compensate investors, and will register the tokens as a class of securities.

Gladius Team

Last week, it became known that Gladius was among the startups that did not fulfill the terms of the agreement with the SEC, and did not pay off with investors.

SEC to Accuse Shopin in $42M Worth ICO Scam

The Commission believes the actions of Shopic during the ICO was the offering or unregistered securities
12 December 2019   92

The U.S. Securities and Exchange Commission (SEC) has accused Shopin and its CEO Eran Eyal of cryptocurrency cheating on investors during the initial offer of $ 42 million tokens.

According to the SEC, the actions of Eyal and his company were an unregistered offer of securities in the form of Shopin tokens.

Eyal told investors that the funds raised would be used to create a blockchain platform for storing and tracking profiles of online store customers. In addition, he lied about existing partnerships with retailers, the agency said.

The problem is that Shopin never created a system, says the regulator.

Instead, Eyal appropriated more than $ 500,000 for personal use, including a dating service.

SEC accused Eyal and Shopin of violating securities laws. The regulator requested the court to oblige the accused to return the illegally appropriated funds with interest and payment of fines. In addition, the SEC has proposed banning Eyalu from acting as an official in any offer of securities or tokens.

In a statement, the SEC also recalled that the prosecutor’s office in 2018 accused Eyal of appropriating $ 600 thousand of investor funds to his previous company Springleap.