KODAKCoin Fundraising to Begin at the End of May

Only accredited investors can participate in the sale of SAFTs
10 May 2018   558

The sale of SAFT-contracts for KODAKCoin tokens - a digital currency intended for copyright protection, will start on May 21, CoinDesk reports.

Only accredited investors can participate in the sale of tokens. WENN Digital received a license from Kodak to use its brand in KODAKCoin. It is expected that KODAKCoin will act as its own crypto currency platform for copyright management.

According to WENN, SAFT-contracts will be sold at $ 1 per piece. The intention of the company to sell the SAFT-contracts, and not the tokens themselves, was said in the document on the forthcoming sale, which was published in March.

SAFT-contracts are investment contracts intended for sale to accredited investors to finance the development of a project, in the same way as shares in enterprises pass from one source to another when working with traditional venture capital. Thus, not tokens themselves are sold, offered and exchanged, but documents promising access to future products.

According to WENN, the sale of SAFT-contracts will be carried out through the Cointopia platform under the management of Pickwick Capital Partners and Exemplar Capital.

We are excited to offer the SAFTs and the rights to the underlying KODAKCoin in a manner structured to fully comply with an exemption to the SEC's registration requirements. Our goal with this offering is utmost security and transparency, working to bring digital tokens to investors by adhering to industry best practices and in a manner that we hope instills public confidence in the crypto space.
 

Jan Denecke

CEO, WENN

About a week ago, the Hong Kong crypto exchange LBank.io announced that it would be engaged in the ICO for KODAKCoin, but one of the representatives of the project called the initiative a fraud.

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   304

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.