‘Operation Cryptosweep’ to Investigate 200 ICOs

Th operation is conducted by the North American Securities Administrators Association (NASAA)
29 August 2018   598

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.

TenX to Confirm Founder's Relation to Lyoness Pyramid

From 2011 to 2015, Julian Hosp was a “member” of Lyoness
10 December 2018   73

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.