North Dakota to Cease Russian ICO Scam

Union Bank Payment Coin copied elements of the Union Bank AG from Liechtenstein
21 November 2018   605

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."

TON to Launch by October 19 or Contracts Are Void

This information was found in the documented, drawn up on behalf of the founder of Telegram
22 February 2019   93

The blockchain platform Telegram Open Network (TON) should be launched no later than October 31, 2019. Otherwise, all agreements for the purchase of Gram tokens with the project investors will be canceled. This is evidenced by a document drawn up on behalf of the founder of Telegram Pavel Durov, but not signed by him.

It details the legal details of the purchase of Gram tokens, as well as the legal nuances of the distribution of tokens in certain jurisdictions.

According to the document, the Gram token will be issued and distributed immediately after launch blockchain platform TON. If the release of the main network does not take place until October 31, 2019, the contract will be invalid.

Document contains the address of Harneys Law Firm in the British Virgin Islands, where Telegram itself is registered.

As previously reported by ForkLog, the TON blockchain platform is 90% complete, the launch of the test network is scheduled for the end of March 2019.

The organizers of the ICO Telegram attracted $ 1.7 billion from a limited group of investors to develop the TON network.