Japanese giants DMM and GMO to mine crypto

Japan's GMO and DMM reveal their plans of getting involved into cryptocurrency mining
15 September 2017   2541

GMO, a Japanese digital services firm, unveils its plans for its forthcoming cryptocurrency mine and the $90 million budget backing it, as detailed by coindesk.com.

Thus, on Wednesday the company held a presentation on the plan following the announcement last week. GMO is to begin mining in the first half of 2018.

GMO to start mining
image credit: techwave.jp

The company will begin testing a new 7nm semiconductor chip by the spring. As reported, GMO has already spent $3 million out of an expected 10 billion yen (worth approximately $90 million).

Besides mining at our company, we also plan to sell the mining board with the 'cloud mining center', so that anyone can participate in mining.

Masatoshi Kumagai
GMO President

Besides, the Japanese e-commerce giant DMM is also planning to join the mining race. 

According to the company, DMM will launch its "Virtual Currency Division" that is to oversee operations of the "DMM Mining Farm", in October. DMM has also confirmed its intention to press ahead with full production by the end of the year.

However, the announcement underlines Bitcoin and Ethereum as two virtual currencies “expected to be the currencies of the next generation” without explicitly stating it would mine either cryptocurrency.

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   174

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.