SEC's Cyber Unit to focus on blockchain

The US Securities and Exchange Commission clarifies the role of the new Cyber Unit and its views on the blockchain technology
01 November 2017   1067

The US Securities and Exchange Commission (SEC) provides insight into how the Commission’s new Cyber Unit will work.

Stephanie Avakian, SEC Division of Enforcement Co-Director, sheds light on the issue, however, noting that the views are her own and not necessarily those of the SEC. 

We do think there is more we can do to align our resources with two of our key priorities – specifically retail and cyber. To be sure, we have long focused resources in both of these areas, but we think that some structural change and strategic focus will enable us to better fulfill our investor protection mission.
 

Stephanie Avakian
SEC Division of Enforcement Co-Director

On top of that, Avakian announces the creation of the Retail Strategy Task Force, which will examine how investors interact with the securities market and what risks they might encounter from bad actors therein. Additionally, the task force will develop ways to educate investors, empowering them to make more informed decisions.

The need for the Cyber Unit arises in large part from the increasing frequency with which we are seeing cyber-related misconduct affecting the securities markets, and also the increasing complexity of these cases. These cybersecurity threats come from a wide range of sources, including foreign and domestic hackers, traders and others who traffic in stolen market-moving information, prospective market manipulators, state-sponsored actors, and others. The work of these actors in many instances has been facilitated by easy access to the dark web marketplace as well as the use of digital currency, both of which make it harder to track the flow of funds involved in cyber violations.
 

Stephanie Avakian
SEC Division of Enforcement Co-Director

Finally, SEC Division of Enforcement Co-Director discusses the need to police blockchain activities.

For some of the same reasons, we are also including within the responsibility of the Cyber Unit our focus on the distributed ledger technology space ... The emerging issues presented by blockchain technology warrant a consistent, thoughtful approach – and the best way to do that is to centralize the expertise and the focus in a single unit.
 

Stephanie Avakian
SEC Division of Enforcement Co-Director

What the future has in stock for the relationships between SEC and blockchain, remains to be seen.

Old Korean Social Network to Close After Tokensale

Cyworld platform started operating back in 1999 and it conducted an IEO at CoinZest this year
14 October 2019   49

Investors who acquired the clink cryptocurrency issued by the South Korean social network Cyworld are worried about the status of their investments due to the company's sudden closure, reports Korea Times. Some of them are ready to go to court.

The Cyworld platform was launched in 1999 and was especially popular among the country's population until the mid-2000s. The company, however, failed to see the trend towards the development of mobile solutions on time and as a result lost its position in the market. On October 1, it closed her platform without posting any warnings to users.

At the same time, the Clink site was unavailable, and Cyworld management continues to ignore the numerous requests of investors. The Korean exchanges CoinZest and BitSonic, where Clink is still being traded, are considering delisting the asset. Industry officials say Clink's investor losses will be at least 1 billion won ($ 845,000).

Clink's primary distribution was through IEO through the CoinZest platform earlier this year and, according to the Korea Times, it was the company's attempt to bring a fading social network back to life. A total of 24 million Clink tokens were sold for a total of 480 million won ($ 400,000).

In the second half of 2019, employees who have not received salaries since the end of 2018 began to leave the company en masse. Since the start of trading, the Clink price has fallen from 26 won to 0.19 won. According to the Coingecko portal, Clink's current capitalization and revolving volume are unknown, while the marginal issue volume is 10 billion units.