Over 90% of Chinese ICO returned funds to investors

By now more than 90% of the projects that carried out the ICO in the PRC have fully compensated for the funds invested
25 September 2017   1624

The overwhelming majority of Chinese ICO start-ups fully refunded funds to investors who participated in their initial coin offering (ICO). This is reported by the ETHNews referring to the local news agency Xinhua.

As noted by the agency, by now more than 90% of the projects that carried out the ICO in the PRC have fully compensated for the funds invested. Moreover, some crypto exchanges also began to return users funds for the tokens they bought. This, in turn, indicates that the ban on holding the ICO and the process of closing stock exchanges in China is rigorously implemented in practice.

Also, the Xinhua News Agency reports that of the 17 exchanges operating in China, four have completely ceased their activities by this time. The remaining trading floors are actively preparing for this and have already announced the date of the suspension of operations.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   197

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.