WeChat to Ban Crypto Media

There are a lot of popular crypto related accounts that are unavailable now
22 August 2018   867

WeChat messenger, developed by the Chinese technological giant Tencent, baned media accounts connected to blockchain and cryptocurrencies. This is reported by CoinDesk with reference to a local source.

Among the affected WeChat accounts there are: Jinse, supported by Node Capital, and Deepchain, which developed several crypto-currency funds at once. When you switch to these accounts, you receive a message stating that they are blocked "due to user complaints."  A similar message appears when switching to Huobi News and CoinDaily accounts.

Due to users' complaints and after the platform's examinations, the account is found to violate 'Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tools' and all contents have been banned. The account has been prohibited for use.

WeChat Message

The reason for blocking WeChat accounts is still unknown. However, newly-enacted rules from China's government may have played a factor.

The users of instant messaging tools serving in public information service activities shall abide by relevant laws and regulations. For instant messaging service users who violate the agreement, the instant messaging service provider shall take measures such as warning, restriction, suspension, and closure until the account is closed, meanwhile saving the relevant records and fulfilling the obligation to report to the relevant authority.

The Temporary Regulations on the Development and Management of Public Information Services for Instant Messaging Tool

In March, the national publication People's Daily severely criticized Chinese news sources about the blockchain and crypto-currencies, arguing that they help to manipulate the market. 

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   277

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.