Mayweather-Promoted ICO to be Halt by SEC

Centra Tech is accused in "organizing a fraudulent ICO"
03 April 2018   1119

The Securities and Exchange Commission (SEC) suspended the ICO of the cryptocurrency project called Centra Tech, which was once advertised by the multiple world boxing champion Floyd Mayweather. The office accuses the startup of "organizing a fraudulent ICO", the report said.

Co-founders of Centra Tech Sohrab Sharm and Robert Farkas also accuse the SEC of appropriating $ 32 million "obtained through the sale of unregistered securities."

According to the SEC, the start-up promised to send funds received during the ICO to "develop financial products supported by Visa and Mastercard", but in reality Centra Tech did not have any working relationship with these companies. In addition, according to the Commission, Sharma and Farkas were engaged in the creation and dissemination of "false advertising materials, including information about fictitious officials."

As we allege, the defendants relied heavily on celebrity endorsements and social media to market their scheme. Endorsements and glossy marketing materials are no substitute for the SEC's registration and disclosure requirements as well as diligence by investors.

Steve Peikin

Co-director, SEC Division of Enforcement

The SEC documents also state that the founders of Centra Tech paid various celebrities for the promotion of the ICO, including Floyd Mayweather, who supported the project in September 2017. However, the corresponding post in Instagram has already been deleted.

Round 1 of TOP Network IEO Ended in 7 sec

Initial exchange offering took place at Huobi Prime platform
26 March 2019   78

The initial exchange placement (IEO) of the TOP Network project on the Huobi Prime platform that started today attracted no less attention than the similar campaigns on the Binance Launchpad. This is evidenced by the speed with which all the tokens allocated for the first round were purchased.

A number of investors in social networks reported technical problems that prevented the purchase of tokens, which, as in the case of the Binance Launchpad, are likely to be caused by an excessive load on the stock exchange infrastructure during the crowdsale.

The next round starts at 3/26 21:30 UTC+8, despite the fact that users did not use the 20 minutes set aside for trading, TOP Network reports.

For the two following rounds, 450,000,000 TOP and 750,000,000 TOP were allocated, respectively.