Winklevoss Twins to Win Another Crypto Patent

The patent application was sent by the company in December 2017, and it was approved recently
10 May 2018   624

The company Winklevoss IP, which belongs to the brothers Cameron and Tyler Winklevoss, received a patent for the method of calculating the exchange traded products (ETP), tied to the rate of cryptocurrency. The document is published on the website of the US Patent and Trademark Office. This is reported by Coindesk.

The new system can handle transactions with derivatives of cryptocurrencies such as bitcoin, Ethereum, Ripple, Dogecoin, as well as a number of less popular altcois, for example, BBQCoin.

It should be noted that the patent application was sent by the company in December 2017.

The issuance of a patent marks one more step towards developing tools that will allow institutional investors to interact with the crypto-currency market,  the Winklewoss brothers noted.

In April, Winklevoss IP received a patent for "a system, method and software product for processing secure transactions in the cloud computing system." The solution, presumably, will be applied in the infrastructure of crypto exchange Gemini.

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   197

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.