SEC halted UBI Blockchain trading

SEC's decision is caused by the fact that information provided by UBI may not be true, as well as with "recent unusual and inexplicable activity in the market"
09 January 2018   626

SEC suspended trading on shares of UBI Blockchain Internet, which is engaged in promoting programs and services in the field of blockchain. The regulator said that this decision is due to the fact that the information provided by UBI may not be true, as well as with "recent unusual and inexplicable activity in the market."

UBI Blockchain was able to achieve a capitalization of $ 800 million in the wake of the popularity of crypto-currency, despite the lack of profitability per se and the idle phone number, Bloomberg reported citing the SEC statement.

We believe the general public is confusing our blockchain technology with bitcoin companies. [UBI Blockchain was] involved in blockchain technology for well over two years before the bitcoin buying frenzy took place and we plan to be in business for years after the bitcoin buying anomaly ends.
 

Tony Liu

CEO, Ubia

The company was founded in 2010 and for a long time was called JA Energy, however in November 2016 it changed its name to the one that better reflected its involvement in the blockbuster area. UBI states that it uses the block so that its customers can "trace the way food and medicines move from the place of production"

UBI BlockChain Internet Ltd.
UBI BlockChain Internet Ltd.

UBI shares were worth about $ 7.20 on December 8, and on December 18 they traded at $ 87, jumping up against the backdrop of the growth of the crypto-currencies and shares of other blocking companies. At the peak, their price reached $ 115, although in February last year they cost only 55 cents. On Friday, before the freezing of trades, their rate fell to $ 22.

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.