S. Korea authorities dispelled crypto ban rumours

Administration of the president of South Korea said that the ban on cryptocurrency is only one of the options considered, and not the final decision
11 January 2018   752

On the night of Thursday, January 11, a number of mainstream media disseminated reports about the plans of the South Korean government to prohibit crypto-currency trading. On these news, the market has significantly subsided.

So, earlier today the price of bitcoin fell below $ 13000, in the red zone there is also the majority of other leading crypto-currencies.

Top Ten Cryptocurrencies
Top Ten Cryptocurrencies

The aggregate capitalization of the cryptocurrency market has fallen below $ 650 billion. Also, this rumours was support by the news that South Korean authorities instigating inspection raid at two major exchanges. It had led to the panic sell

At the same time, an analyst based in the Asian region and well-acquainted with the state of affairs posted next Tweet.

But Presidential Administration of South Korea dispelled cryptocurrency ban rumours. It has published a report on the alleged ban on exchange trade promoted by the Ministry of Justice after receiving more than 1,000 applications demanding not to take this decision. This is reported by Yonhap News.

Justice Minister Park Sang-ki's remarks regarding the shutdown of cryptocurrency exchanges is one of the measures that have been prepared by the Justice Ministry, but it is not a finalized decision and will be finalized through discussion and a coordination process with each government ministry," Yoon Young-chan, chief press secretary to President Moon Jae-in, said in a statement. 

Yun Yang-chan

Press secretary of President of South Korea

A few hours after the publication of the proposal to ban exchange trade, the Ministry of Strategy and Finance of South Korea publicly stated that it does not support the position of the Ministry of Justice. 

In order for the proposal of the Ministry of Justice to obtain the status of law, the majority of the members of the National Assembly must vote for it. The entire process can take several months or even years.


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   213

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.