SEC Halts Munchee ICO for Securities Violations

Munchee Inc. has refunded tokens sold in a $15 million ICO following an investigation by the U.S. Securities and Exchange Commission (SEC)
12 December 2017   523

The SEC announced yesterday that Munchee Inc. had provided refunds to investors after officials made contact and drew issue with its token sale, which the agency said constituted the offer and sale of unregistered securities.

Munchee Platform is a decentralized blockchain food review social platform. In October and November, Munchee carried out the offering of MUN tokens to raise about $15 million.

Munchee ICO2Munchee Platform

According to the report, the SEC argued that the MUN tokens constitute securities because they were investment contracts. The document also notes that the tokens were ultimately deemed a security regardless of their utility when the sale took place.

Even if MUN tokens had a practical use at the time of the offering, it would not preclude the token from being a security. Determining whether a transaction involves a security does not turn on labelling – such as characterizing an ICO as involving a "utility token" – but instead requires an assessment of "the economic realities underlying a transaction".

 

The SEC order

It is stated that agency first contacted Munchee on the second day of the sale and after that the company did not deliver any tokens to purchasers. The SEC decided not to impose a penalty due to the fact that ICO immediately returned the proceeds and cooperated with the investigation.

Recently, we have reported that the SEC shuts down PlexCorp ICO and files charges against the founder.

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Gnosis to Hold Technical Meetup in London

The event headlined "How to build decentralized prediction markets?", organized by Gnosis and The Blockchain Connector, will be held in London, UK, on February 22, 2018
22 February 2018   120

Gnosis aims to build revolutionary market-driven forecasting technology to let users shape the future. It is built on Ethereum, a next generation blockchain protocol enabling advanced smart contracts. 

The event headlined "How to build decentralized prediction markets?", being a collaboration of Gnosis, The Blockchain Connector and King’s College London Blockchain Society, will be held in London, UK, on February 22, 2018.

Gnosis blockchain conference in LondonGnosis Technical Meetup in London Announcement

Location: King's College London, Room BH (S) -1.01, Bush House Auditorium, Ground Floor, 30 Aldwych, London, WC2B 4BG
Date and time: 6:00 PM – 9:00 PM GMT, February 22, 2018

The presentation will cover technical details of the Gnosis platform and how developers can get started building their own application on Gnosis. Moreover, future technical challenges to bring Gnosis to the masses will be discussed and possible solutions will be presented.

The headline speaker is Stefan George, Gnosis CTO, who wrote the crowdfunding campaigns for Gnosis and SingularDTV and the multisig-wallet which became a standard for ICOs today.

The event is held for software engineers, software architects and computer science/software engineering students only, and everyone who wants to participate is required to register beforehead.