National Assembly of Venezuela Outlaws El Petro

The National Assembly of Venezuela declared Petro illegal, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves
10 January 2018   1413

The National Assembly of Venezuela voted against the establishment of the national cryptocurrency “el Petro” on Tuesday, calling it an effort to illegally mortgage the cash-strapped country’s oil reserves.

In December 2017 Nicolas Maduro announced his plans to create a cryptocurrency backed by oil, gas, gold and diamond reserves in effort to advance monetary sovereignty, as it will help to overcome the financial blockade and thus move towards new forms of international financing for the economic and social development of the country.

Maduro said on Friday that his government would issue nearly $6 billion of petros as a way to raise hard currency and to evade financial sanctions imposed by Washington.

According to Prensa Latina, Maduro called on the people to actively repudiate the Assembly’s decision to declare the petro illegal.

Recently, we have reported that Nicolas Maduro allocated 5 billion barrels of oil to ensure the national cryptocurrency “el Petro”.

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.