Soundchain finally solved issues with Poloniex

Last Soundchain's transactions at the Poloniex exchange unblocked 
24 August 2017   3123

Russian blockchain startup Soundchain reported on problems with the Poloniex cryptocurrency exchange. Thus, the company can not withdraw their funds after the change in the Poloniex’s policy towards citizens of the countries against which the USA sanctions are imposed. 

According to the statement of Artem Abaev, Soundchain Founder, Poloniex ignored all messages from Soundchain for a while, the founds was literary "frozen". 

Artem Abaev’s post had a great resonance in the community, thereby causing a mass funds withdrawal of Russian Poloniex customers.

Probably, that’s why the exchange’s administration promptly contacted Soundchain and argued that they did not stop working with Russian citizens.

Today, 24.08.2017, new information appeared - good news now. According to the Abaev's Facebook post, last Soundchain transactions were "refrozen" and team starts withdrawal of funds

I'm glad to announce that the epic with Poloniex is coming to an end, last night we were able to unblock the last frozen transactions. Today we will start the withdrawal. Due to the media hype, the Poloniex support service also reacted to other tickets of those who had their funds frozen.

Due to political risks, we are not going to work with American exchanges, which include such terms in their agreements.

Artem Abaev
Soundchain, founder

Also, Artem explained why funds were kept at the cryptocurrency exchange.

We have drawn up a financial plan for the project for the near future and made calculations. Due to the fact that BTC is very volatile on the market, we've fixed in the crypto currency dollar at the exchange. If, for example, BTC lost about 20%, it could seriously disrupt our plans. We are trying to do all payments and calculations in the crypto currency, but with some periodicity Tether USDT will be converted back to BTC. To solve this issue for a Soundchain.org project users, we actually came up with the mastercash.org project, wrote WP and will develop it as soon as we scale the team.
 

Artem Abaev
Soundchain, founder

Well, it' s a good ending for such a difficult situation. We hope that Soundchain team will not face any issues in the future.

SEC to Accuse Shopin in $42M Worth ICO Scam

The Commission believes the actions of Shopic during the ICO was the offering or unregistered securities
12 December 2019   92

The U.S. Securities and Exchange Commission (SEC) has accused Shopin and its CEO Eran Eyal of cryptocurrency cheating on investors during the initial offer of $ 42 million tokens.

According to the SEC, the actions of Eyal and his company were an unregistered offer of securities in the form of Shopin tokens.

Eyal told investors that the funds raised would be used to create a blockchain platform for storing and tracking profiles of online store customers. In addition, he lied about existing partnerships with retailers, the agency said.

The problem is that Shopin never created a system, says the regulator.

Instead, Eyal appropriated more than $ 500,000 for personal use, including a dating service.

SEC accused Eyal and Shopin of violating securities laws. The regulator requested the court to oblige the accused to return the illegally appropriated funds with interest and payment of fines. In addition, the SEC has proposed banning Eyalu from acting as an official in any offer of securities or tokens.

In a statement, the SEC also recalled that the prosecutor’s office in 2018 accused Eyal of appropriating $ 600 thousand of investor funds to his previous company Springleap.