LINE establishes a Korea-based blockchain affiliate

Japanese chat giant through its mobile platform subsidiary LINE Plus established its blockchain affiliate Unblock in South Korea on April 2
03 April 2018   615

LINE Plus is running a blockchain affiliate in South korea as of April 2. Unblock will be responsible for developing an integration mechanism of blockchain technologies into LINE cross-market system. LINE is a chat giant in Japan with over 214 mln users.

The establishment of Unblock signals we are ready to invest in order to play a leading role in the blockchain industry. We are planning to recruit people with expertise in blockchain technologies, such as token economy design. We will speed up investment and strengthen research on the virtual currency market.


LINE Official

In January, LINE Financial Corp. was established to incorporate crypto exchange, insurance and loan platform into LINE portfolio of business departments. LINE is owned by a Korean Internet search giant Naver and was founded to fight off its competitor in Japan - another Korean chat giant Kakao.

The company [Unblock] will conduct blockchain education and market research and help South Korean virtual currencies expand to Japan and Southeast Asia. Unblock will also possibly issue its own virtual currency and act as an exchange at a later date.


LINE Plus Official

Japan and South Korea are two of the most popular markets for virtual currency and blockchain.

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   410

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.