‘Operation Cryptosweep’ to Investigate 200 ICOs

Th operation is conducted by the North American Securities Administrators Association (NASAA)
29 August 2018   1693

As a result of the operation codenamed "Cryptosweep", organized by the North American Securities Administrators Association (NASAA), US and Canadian regulators initiated more than 200 investigations into ICO and investment products based on cryptocurrency. This is reported by CCN.

As reported on the website of the organization, during the "Cryptosweep" the association found a lot of schemes that violate federal and regional laws in the sphere of securities. Among the violations noted sale of cryptocurrency products unregistered properly.

State and provincial securities regulators are committing significant regulatory resources to protect investors from financial harm involving fraudulent ICOs and cryptocurrency-related investment products and also are raising awareness among industry participants of their regulatory responsibilities. While not every ICO or cryptocurrency-related investment is a fraud, it is important for individuals and firms selling these products to be mindful that they are not doing so in a vacuum; state and provincial laws or regulations may apply, especially securities laws. Sponsors of these products should seek the advice of knowledgeable legal counsel to ensure they do not run afoul of the law. Furthermore, a strong culture of compliance should be in place before, not after, these products are marketed to investors.

Joseph P. Borg

President, NASAA and Director, Alabama Securities Commission

According to him, even proposals that meet the regulatory requirements may be fraudulent.

The program by NASAA was launched in May. Over this time, the association has identified over 30 thousand domain names associated with cryptocurrencies. Most scammers used fictitious addresses and guaranteed daily income to 4%, while not mentioning the possible risks for investors.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   1008

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 


Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.