Sirin Labs outsources Finney production to Foxconn

Sirin Labs partners with Foxconn to manufacture their blockchain-powered smartphone Finne
05 April 2018   517

Blockchain-connected devices has long been the topic of the talks among enthusiasts of the technology. And Sirin Labs has made big headlines with their first announcements of a whole ecosystem of IOTA's Tangle-connected devices. And now they make next step towards realization of their lofty goal.

Sirin Labs announced their partnership with FIH Mobile LTD, a subsidiary of world's largest contract electronics manufacturer Foxconn, to produce first of their lineup of blockchain-powered devices. Finney smartphone, named after famous cryptographer Hal Finney, is a result of a hugely successful ICO campaign, which gathered $157,8 million in December 2017.

one of the main selling points of the Finney is native support for blockchain applications, such as cryptocurrency wallets and ability to automatically convert tokens for use in multiple different decentralized apps without the hassle of going through an exchange.

According to the company, the specs will be adequate with 256GB of internal memory, 16-megapixel rear camera, but processor and RAM amount are for now undisclosed. Among security features Finney will, apparently, have some kind of physical security switch and a behavioral-based intrusion detection, whatever than means.

The device will be sold for quite a hefty sum of $999, but it seems the price wouldn't matter a lot to the true enthusiasts, because Sirin Labs claims that already more than 25,000 units were preordered.

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   197

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.