John McAfee joins Russian blockchain project

One of the most influential figures in the cryptocurrency world, John McAfee, becomes an advisor to Russian Universa project
25 October 2017   4610

The founder of MGT Capital Investments and the creator of the McAfee Security antivirus, John McAfee, joins the committee of advisors to the Russian blockchain project Universa, lead by Alexander Borodich. 

The Universa blockchain platform is a distributed system for executing smart contracts. It provides faster and less expensive transactions compared to Ethereum and Bitcoin.

Without the limitations related to mining that are inherent in Ethereum or Bitcoin, Universa is capaable of handling up to 20,000 transactions per second.
 

Alexander Borodich
Founder of Universa.io

As mentioned by the project team, McAfee is going to use the Universa platform to implement his own blocking project McAfee Coin, with which he hopes to "change the venture capital market".

According to the man, the nature of the blockchain allows creating a chain of trusted transactions, while decentralization of the verification processes can perfectly complement or even replace industry-recognized principles of the information protection.

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   2054

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.