Venezuela Ensures Petro with Oil Field

The President of Venezuela officially confirmed that the No.1 Ayakucho oil field will provide a material security for the national cryptocurrency Petro
28 December 2017   2152

Nicolas Maduro, the President of Venezuela, announced on Wednesday the allocation of 5 billion barrels of oil to ensure the national cryptocurrency Petro. Maduro officially confirmed that the No.1 Ayakucho oil field will provide a material security for Petro. At the current price for oil, the Ayacucho oil field is estimated at $300 billion.

Maduro said that he hopes to attract the young population to help the state to launch Petro, creating and servicing the mining farms across the country under the government programme. The program has already registered 860,000 Venezuelans between the ages of 15 and 35.

Maduro also stated that he plans to allocate Petro with the deposits of diamonds and the gold deposits of Arco Minero in the Orinoco belt.

According to Maduro, cryptocurrency could help Venezuela to combat a Washington-backed conspiracy to sabotage his government and end socialism in Latin America.

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.