‘Operation Cryptosweep’ to Investigate 200 ICOs

Th operation is conducted by the North American Securities Administrators Association (NASAA)
29 August 2018   1087

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.

OCamlPro May Implement Unplanned Tezos Hardfork

Anyone can fork Tezos' blockchain but Foundation says "OCamlPro management does not have the best interests of the Tezos community in mind"
18 June 2019   304

The non-profit organization Tezos Commons Foundation has published an official statement about a potential hardfork, which may be initiated by the French development team OCamlPro, the company's grantee.

As evidence, the organization published the text of an e-mail allegedly sent by Starchain Capital, a recently registered cryptocurrency fund.

According to the document, the management of OCamlPro and Starchain Capital announced a collaboration to develop and implement a fork of the Tezos blockchain called Dune Protocol in September 2019. The letter also says that Starchain Capital is attracting “investments to finance a separate project.”

Representatives of Tezos recalled that the blockchain can hold forks anyone. The problem, according to them, is the “OCamlPro management does not have the best interests of the Tezos community in mind".

We found the text also includes a number of inaccurate (to put it mildly) statements that are intended to exaggerate the position of OCamlPro leadership. They did not create OCaml, Fabrice was not the ‘teacher’ of Tezos co-founder Arthur Breitman, and the main Tezos engineers who were originally at OCamlPro are now working at Nomadic Labs, not OCamlPro.
 

Shaun Belcher

Executive Director, Tezos Commons Foundation

However, confirmation of whether the letter is an original or a fake has not yet been submitted.

OCamlPro participated in the Tezos grants program and worked on projects, Liquidity and TzScan. However, OCamlPro refused to fully disclose the code of their products, which is one of the conditions for receiving grants. Tezos Foundation announced the termination of funding OCamlPro in case of non-compliance in the second quarter of this year.

In March, the Tezos blockchain project completed the first round of voting for proposals for updating the protocol. The winning bid was ‘Athens A’, which received 18,181 votes.