Lawsuit targets ICO, promoted by Mayweather and DJ Khaled

Centra ICO, the startup, created to launch cryptocurrency deposit cards, is accused in offering and selling unregistered securities
18 December 2017   1910

Against the ICO project Centra a collective lawsuit of depositors was filed. The ICO is known to by promoted by famous boxer Floyd Mayweather and producer DJ Khaled. The project is accused of violating the US Securities Act, CoinDesk reports.

Defendants of the suit, which was filed on December 13, are Centra Tech, as well as Sohrab Sharma, Raymond Trapani, Robert Farkas and William Hagner. During the tokensale, they managed to raise $ 30 million to issue a crypto-currency debit card.

As the newspaper notes, the claim was filed a month after the project was abandoned by its two founders. In a post published on the Centra Tech blog on October 31, it says that Sohrab Sharma and Raymond Trapani left the project after the end of the tokensale.

...in connection with Centra Initial Coin Offering (the "Centra ICO"), Defendants raised over $30 million in digital cryptocurrencies by offering and selling unregistered securities in direct violation of the Securities Act.
 

Levi & Korsinsky Lawsuit

In addition, the organizers of Centra ICO are charged with misleading investors about the company's relationship with the payment services Visa and Mastercard, as well as in posting false information about its members on its website.

ICO Centra was actively promoted by boxer Floyd Mayweather and music producer DJ Khaled, but later they removed their messages on social networks. In this case, neither Mayweather nor DJ Khaled in the suit appear.

DJ Khaled Centra Promotion
DJ Khaled Centra Promotion
Floyd Mayweather
Floyd Mayweather Centra Promotion
 

In its last statement, Centra company denies all accusations in its address.

This lawsuit, which for the most part, appears to repeat unfounded claims regarding Centra Tech, alleges that Centra Tech’s initial coin offering of Centra Tokens was an unregistered sale of securities. The plaintiff’s complaint attempts to mimic claims and allegations the Securities and Exchange Commission has lodged against other cryptocurrency offerors. Centra Tech disputes the allegations in the complaint.
 

Centra ICO Statement

According to Coindesk team, a representative for Mayweather did not immediately respond to a request for comment.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   88

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.