North Dakota to Cease Russian ICO Scam

Union Bank Payment Coin copied elements of the Union Bank AG from Liechtenstein
21 November 2018   366

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."

TenX to Confirm Founder's Relation to Lyoness Pyramid

From 2011 to 2015, Julian Hosp was a “member” of Lyoness
10 December 2018   60

Representatives of the blockchain start-up TenX confirmed that TenX founder Julian Josp was involved in the activities of the Austrian financial pyramid Lyoness.

TenX's Reddit report says that from 2011 to 2015, Julian Hosp was a “member” of Lyoness. In the company he was engaged in marketing, sales, held lectures for other participants of the company. However, at the end of 2015, Hosp broke all ties with Lyoness.

Earlier, The Financial Telegram reported that TenX Hosp tried to remove all public data linking it with Lyoness before the ICO project. However, according to TenX, Julian Hosp never concealed that he was associated with Lyoness and even wrote about it in his book “25 Stories I Would Tell My Younger Self (2015)".

We would also like to clarify that the stories contained in the online articles and Julian’s past affiliations with Lyoness bear no relevance to TenX, and TenX has had no connection, association and/or affiliation with Lyoness at any time.
 

TenX at Reddit

According to Breaker, Lyoness is recognized as an illegal fraudulent scheme by the Supreme Court of Switzerland, the Austrian civil court and the Norwegian Gambling Council. About the connection of Hosp with the project it became known thanks to the “training” video from Lyoness, allegedly voiced by his Julian.