U Network to Buy Own Tokens

The company launched the BuyBack program in an attempt to redeem the tokens from early investors to support own ecosystem
23 July 2018   1730

The increased interest of investors for U Network ICO led to the fact that the developers did not have their own UUU token to maintain the ecosystem. The company launched the BuyBack program in an attempt to redeem the tokens from early investors who received them in February via AirDrop, CoinDesk reports.

According to available information, the project will acquire UUU tokens per thousand Ethereum in several stages. So, on the first of them 200 ETH will be spent on the purchase, the price of the token will be from $ 0.004 to $ 0.005.

It should be noted that at the start-up phase, the issue of tokens was limited to 10 billion.

I think this case illustrates the huge trade-offs founders face. If they keep too many tokens in reserve, they are often accused of being greedy. But if they give away too many tokens then they lose a crucial lever they need to incentivize people to use their platform or service in the future.

Catherine Tucker 

Professor of management and marketing, Massachusetts Institute of Technology

According to Catherine Tucker, professor of management and marketing at Massachusetts Institute of Technology, the situation with U Network proves that startups do not have a specific methodology for calculating the required number of tokens.

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   166

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.