ShipChain is ordered to cease in South Carolina

The securities department of the South Carolina’s Office of the Attorney General has directed blockchain startup ShipChain to pause working in the state
23 May 2018   1104

A cease-and-desist order was sent to the company by the securities commissioner  for ostensibly violating securities laws. As claimed in the order, ShipChain, which is a freight logistics platform based on the Ethereum blockchain, has been “offering investment opportunities” and marketing its tokens to South Carolina citizens both online and at live events, yet has not admitted as a broker-dealer to process in the state. The ShipChain ecosystem is fueled by ShipCoin, a cryptocurrency that is the sole payment method on the firm’s platform.

According to the South Carolina securities law, “investment contracts constitute securities”, and it’s wrongful to sell securities that are not registered in the state. Finally, ShipChain, that is situated in Wilmington, Delaware, “transacted business … as an unregistered broker-dealer” and disrupted the law. The cease-and-desist paper was sent to ShipChain care of attorney, Julian Zegelman of Velton Zegelman in San Jose, Calif.

The study is going on and it’s a part of a broader sweep by the North American Securities Administrators Association announced in recent days dubbed “Operation Cryptosweep”. It is to “crack down on fraudulent Initial Coin Offerings (ICOs), cryptocurrency-related investment products, and those behind them” across the United States and Canada. A number of investigations are either pending or have been ended in the month of May alone, and ShipChain is called among them.

ShipChain isn’t being charged of promising any bloated returns or operating a scam. The aim of the order is to refine the fact that the firm is marketing and selling investment contracts directly to South Carolina residents without registering cryptocurrency as a security.

Bittrex to Go For Maintenance After 1/3 Funds Moved

Users suspects hack, but exchange says "funds are safe"
05 December 2019   94

The Bittrex cryptocurrency exchange has announced scheduled maintenance today, December 5, from 22:00 to 23:00 (GMT). On the eve, a third of its assets were transferred to an unknown wallet.

During maintenance, users will not be able to log into the system or use the APIs. Trading will be suspended.

On December the 4th, populat Twitter account posted that "43,564 #BTC (313,074,134 USD) transferred from Bittrex to unknown wallet." Users suspected that the exchange was hacked, but the exchange . 

Closures for scheduled maintenance only heightened suspicion. However, the Bittrex team assures that "that claim is false."