KODAKCoin to Accuse LBank of Fraud

As KODAKCoin says, LBank, a cryptocurrency exchange, based in Hong Kong, created a fake page of KODAKCoin ICO at its website
04 May 2018   110510

The representative of WENN Digital, the organizer of the ICO of KODAKCoin, accused the Hong Kong exchange LBank in "fraudulent behavior." The reason was the announcement of LBank about the conduct of the corresponding ICO on its site. This is reported by Coindesk.

As stated in the section of token-sale on the LBank page, ICO KODAKCoin allegedly starts on Friday, May 4, at 12:00 UTC and ends at the same time on May 11.

Fake KODAKCoin ICO Page
Fake KODAKCoin ICO Page

However, WENN Digital stated that this information does not correspond to reality.

It has come to our attention that more than one fraudulent websites have been promoting the sale of KODAKCoin. This information is neither authentic nor accurate. All factual information regarding the availability of an ICO to accredited investors will come directly from KODAKCoin and its authorized representatives. To clarify, WENN Digital is only offering the SAFTs and the underlying KODAKCoin in exempt transactions to 'accredited investors. Offers and sales of the SAFTs and the underlying KODAKCoin outside the United States will also be made in accordance with the laws and regulations of the relevant jurisdictions.

KODAKCoin Team

KODAKCoin ICO was planned for the end of January, but later it was postponed "for several weeks".

Previously, WENN Digital, the "crypto-currency" partner of KODAK, announced that the token will be held in the SAFT format ("Simple agreements for future tokens"), and only "accredited investors" will be able to participate in it. In addition, the coin is positioned as a utility token.

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3 ICOs of Extrabit banned by Alabama Securities Watchdog

Alabama Securities Commission (ASC) has ordered alleged cryptocurrency mining firm Extrabit to stop its token sale offering in the state
25 May 2018   97

The U.S. state's securities regulator, the Alabama Securities Commission (ASC), has supported its colleagues in Texas and New Jersey in hitting out at ICOs that are soliciting local citizens. The cease-and-desist order which was published yesterday  claimed that the agency has ordered purported cryptocurrency mining firm Extrabit to cease its token sale offering in the state.

The ASC declared the company has been illegally begging Alabama investors with what it considers an unregistered securities offering after it announced its token sale on the website of WSFA, an NBC-affiliated TV station recognized in the state capital, Montgomery. While presently the online advertisement appears to have been taken down, the agency said in the order that the firm originally claimed that investors in the pre-ICO phase could buy Extrabit's token "EXB" at half price.

The advertisement claimed that in order to take part in the pre-sale, the user should invest $20,000 and after the purchase, the tokens will be sent to MyEtherWallet within 48 hours. Then, Extrabit's white paper states that, since the firm generates its profits chiefly from mining bitcoin, zcash and monero, it pledges a 185 percent return on investment every quarter for investors who maintain a positive balance in their EXB wallet.

As well as offering unbooked securities, the ASC said the project made "materially misleading" suggestions to deceive investors. Extrabit is not the only token project that is targeting residents in Alabama. A Google search for "token sale" on the WSFA website currently comes up with over 200 press release-style ads from various ICO projects. 

The ASC has also checked two other token sale projects, called LEV and Platinum, with cease-and-desist orders entered on May 2 and May 18. Like with Extrabit, the agency charged the two projects of selling unregistered securities in Alabama while making vaporous promises to potential investors over the likely returns on investment.