National Chinese Science Academy to Launch Blockchain Lab

China continue to move forward to distributed ledger technology
21 June 2018   771

Chinese Academy of Sciences (CAS) reported that together with the Beijing blockchain start-up Tai Cloud Corp has established a new "Big Data and Blockchain Laboratory" whose activities will focus on "the relationship between the technology of blockchain and mathematics". This is reported by Coindesk.

Xiaoshan Gao, deputy director of the Center for Mathematics and Interdisciplinary Sciences at the CAS, said that, in his view, mathematical methods play a "key" role in many fundamental problems of blockchain technology.

This laboratory, established shortly after Chairman Xi Jinping of China endorsed the blockchain technology at the annual scientific conference held by the CAS in May, is not the first step of the CAS in the field of the blockchain. Earlier this year, the Academy announced that it was going to develop a platform capable of "simultaneously support public, private and consortium blockchains."

The fact that China may have big plans with blockchain, despite the ban imposed last year on crypto trading, became clear at the end of May, when Xi Jinping admitted that the blockchain has potential, for the first time publicly supported the developing technology .

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   276

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.