Korean Web Giant Kakao to Launch Own Crypto Wallet

Klip wallet will be developed by the blockchain division of Ground X
12 August 2019   299

South Korean technology corporation Kakao intends to launch its own Klip cryptocurrency wallet before the end of this year, News1 Korea reports.

So, the blockchain division of Ground X is developing it. The new service will support the digital currency of Klay Corporation, as well as other tokens based on the Klaytn blockchain.

At the same time, representatives of the HintChain blockchain marketplace confirmed that they are partners of the project.

The establishment of Ground X and Kakao’s plans to create its own blockchain platform became known in March last year.

In early October, white paper Klaytn was released and applications for participation in the Aspen test network with a potential productivity of 1,500 Tps began to be accepted.

Already this year, Kakao raised $ 90 million to create Klaytn from investment firms IDG Capital, Translink Capital and Crescendo Equity Partners.

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.