VeChain to Fight Wine Faking

Wine Traceability Platform project launched together with Penfolds winemaker, under framework of which data on wine bottles will be written in blockchain
07 August 2019   181

The blockchain platform VeChain has entered into a partnership with the Australian wine company Penfolds. In the framework of the joint project Wine Traceability Platform (WTP), bottles of wine are released for sale, information about which is available on the blockchain.

According to a press release, the release of another batch of Penfolds wine in July marked the beginning of the second phase of the WTP project. Bottles from this batch are sold at three points in Shanghai and contain an NFC chip, the scanning of which allows you to access unchanged information on the blockchain, including the origin of the wine, verified by third-party auditors.

The project aims to counter the proliferation of counterfeit wines. It was originally intended to cover over 500 stores. The organizers of the project claim that since the launch of WTP sales have increased by 10%.

Wineries can prevent their products from being counterfeited while allowing consumers to form more in-depth insight into the product, enhancing their confidence in the product.

VeChain Team

In early July, it became known about the plan of the VeChain Foundation to spend $ 25 million on the purchase of VET cryptocurrency coins. 

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.