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   682

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.

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.