Krypital Group to Deny Partnership with KBcoin

KBcoin is running tokensale at the moment, intends to raise $8M
08 November 2018   668

Today, the blockchain focused venture fund Krypital Group, has officially denied information about its connection with the upcoming launch of the South Korean crypto exchange KBcoin. The corresponding announcement appeared in its blog.

Krypital Group says that KBcoin did contact them regarding possible cooperation, but these negotiations did not bring any results. As reasons for not cooperating, the foundation indicates that the project did not provide it with a demo version of its product and information about team members, and the Krypital Group itself “did not manage to confirm the authenticity of the KBcoin product”. Also, the Krypital Group cannot confirm whether KBcoin uses a fully-fledged KYC procedure that meets the relevant requirements in its current ICO process.

We are known in the industry for the high quality of our cooperative projects. In light of the above circumstances, we regret that we are unable to reach any cooperation with KBcoin under the Kbit Group. As to the fact that KBcoindisplayed Krypital Grouop, Cybermiles, Arcblock, Merculet, Egretia as its partners on its website and/or in other channels for any commercial purpose without authorization, we reserve the right to enforce any and/or all legal remedied available to us.

Krypital Group

ICO, during which KBcoin intends to raise $ 8 million, ends on November 15. The main competitive advantages of the trading platform include the possibility of receiving dividends from KBcoin tokens stored on users' accounts, targeting the listing of popular coins without collecting high commissions and strong partners support, the list of which with today's announcement of the Krypital Group is seriously depleted. 

CEO AriseBank Admitted to Fraud

Now Jared Rice faces up to 120 years in prison, however, confession may reduce this period to 20 years
22 March 2019   164

AriseBank CEO Jared Rice confessed to deceiving investors for $ 4.2 million in cryptocurrency. The plea agreement filed in the federal court of Dallas, Dallas News кузщкеы.

According to the document, Rice promised investors a "guaranteed return" of up to 20% of the invested funds, as well as opening bank accounts insured by the Federal Deposit Insurance Corporation and Visa-related debit and credit cards, although he did not have agreements with these companies.

The $ 4.2 million received from the ICO Rice spent on his girlfriend, lawyers, as well as on hotels, food and trips by Uber.

It is noteworthy that Jared Rice’s plea for cryptocurrency fraud was one of the first of its kind in the United States.

Now Rice faces up to 120 years in prison. However, confession may reduce this period to 20 years. Also, the organizer of the scheme will have to pay damages to deceived investors.

The final verdict on the case will be delivered on July 11.

Jared Rice was arrested in November 2018 on charges of fraud with unregistered securities and fraud using electronic means of communication. In December, the US Securities and Exchange Commission (SEC) obliged him and Stanley Ford, co-founder of AriseBank, to pay about $ 2.7 million as part of the settlement of the charges.