Shenzhen City to Back Blockchain Investment Fund

40% of these funds are invested by the Shenzhen Angel Investment Guidance Fund
24 April 2018   541

At the Blockchain Expo, held by the China Electronic Commerce Association, it was announced the creation of a 500 million yuan (about $ 79 million) venture capital blockchain fund for the Chinese city of Shenzhen. This is reported by Coindesk.

40% of these funds are invested by the Shenzhen Angel Investment Guidance Fund, which was launched in late March, managing $ 8 billion.

The new fund will be managed by two other investment funds, Donghai and Star Capital, which, in turn, are managed by the State Committee for Control and Management of State Property.

Chinese Academy of Sciences, together with the Shenzhen Institute of Innovation and Development, will organize an incubation blockchain project for the new venture fund, in which more than 100 blockchain projects will be seeded.

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   174

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.