North Dakota to Cease Russian ICO Scam

Union Bank Payment Coin copied elements of the Union Bank AG from Liechtenstein
21 November 2018   737

The North Dakota Department of Securities issued a decree to immediately terminate the illegal activities of the Russian ICO project, posing as Liechtenstein Union Bank AG to promote "unregistered and potentially fraudulent securities." This is reported by CoinDesk.

The statement by Commissioner Karen Tyler states that the Union Bank Payment Coin (UBPC) ICO project website “directly copied” elements of the Union Bank website, including style, graphic and textual design.

Declaring that it is releasing "the world's first security token secured by a licensed bank", and offering "stablecoin fully secured with a fiat currency, the Swiss franc", UBPC tried to mislead investors using an official statement issued by a regulated and licensed bank from Liechtenstein to issue own blockchain assets.

While the Union Bank website’s IP address is in Liechtenstein, UBPC is located in Russia and is registered to a private person, Tyler noted.

In October, the North Dakota Department of Securities issued a decree to terminate the activities of Crystal Token, Life Cross Coin and Advertiza Holdings, offering "unregistered and potentially fraudulent securities under the guise of ICO."

LINIX IEO to Last 5 Seconds

In just few seconds after the start of IEO at ProBit, investors bought out all LINIX project tokens (2,625,000 LNX) at a price of $ 0.02
18 March 2019   62

The ProBit exchange a lightning-fast initial exchange offer (IEO) of the LINIX project.

In just five seconds after the start of IEO, investors bought out all LINIX project tokens (2,625,000 LNX) at a price of $ 0.02. After that, the South Korean stock exchange announced the second stage of a tokensail, during which the organizers planned to sell 5,500,000 LNX at the same price. Cryptocurrencies Bitcoin, Ethereum, XRP, Steablcoin USDT and ProBit (PROB) exchange token are accepted.

It is noteworthy that the ICOs have been banned in South Korea since 2017. Thus, local exchanges view IEO as a kind of alternative to familiar tokensales, allowing to bypass regulatory restrictions.

Note that the most popular IEO platform today is the Binance Launchpad. Next IEO at Binance Launchpad will be Celer Network.