Syscoin rescheduled its release date

According to the Update 3.0 Syscoin has rescheduled its platform release date from March 27 to April 30 due to regulation compliance.
13 April 2018   970

Syscoin in its Update 3.0 has notified that in March several regulatory developments occurred that are applicable to both Blockchain Foundry and Syscoin. Specifically, on March 7 SEC released the statement “Statement on Potentially Unlawful Online Platforms for Trading Digital Assets”.

A number of these platforms provide a mechanism for trading assets that meet the definition of a ‘security’ under the federal securities laws

 

Excerpt from the statement

Blockchain Foundry was working on defining that Syscoin is not a security. Syscoin was advised to introduce a new level of of complexity and functionality into our protocol. The analysis will ensure that Syscoin remains actively listed and traded at all exchanges who are taking compliance seriously. Syscoin is going to stay a credible player in the space so being compliant is of paramount importance. The additional time will allow Syscoin to perform additional security and performance testing while the analysis is being complete.

Syscoin is a revolutionary cryptocurrency that offers near zero cost financial transactions like Bitcoin and provides businesses the infrastructure to trade goods, assets, digital certificates and data securely. At the moment of publication, Syscoin market parameters are as follows

  • Average price: $0.346734
  • Market cap: $184,556,039
  • Volume (24H): $4,524,220

 

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   223

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.