Malaysia Issues Cease and Desist Order to ICO

The Securities Commission Malaysia halts the launch of CopyCash Foundation ICO
10 January 2018   1678

The Securities Commission Malaysia published a statement on January 9 where the officials directed CopyCash Foundation to immediately cease and desist all its proposed activities including a purported plan to launch an Initial Coin Offering (ICO) on 10 January 2018 in Malaysia.

CopyCash Foundation is said to be a social travesting platform which is based on Ethereum’s blockchain. According to its website, the platform allows each transaction data to flow with no additional database or server required without any delay in payments and also payments will not be denied.

In the statement, the Securities Commission Malaysia stated that it found a reasonable likelihood that disclosures in CopyCash Foundation’s white paper and representations to potential investors will contravene relevant requirements under securities laws.

Recently, we have reported that Malaysia’s central bank asks the public to weigh in on measures aimed at solving problems related to cryptocurrencies.

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   166

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.