Rivetz allegedly sold tokens that couldn’t purchase any good or service at the time of sale and raised $18 million while violating securities laws, according to the U.S. securities regulator.
In its warning note, the SEC said that investors should understand the full extent of the risks involved and look out for signs that could point to fraudulent schemes.
Seagal promoted the ICO of Bitcoiin2Gen without disclosing he was getting $1 million for his troubles. The actor agreed to pay $330,000 in fines but relocated to Russia.
The two raised $1.9 million by selling over 600 million native tokens, all while issuing false statements, presenting fake profitability statements and making unattainable promises to the investors, authorities said.
Jayceon Taylor, popularly known as The Game, promoted ParagonCoin, a blockchain project that claimed to be out to change the world of cannabis but collapsed under the weight of legal battles.
The U.S. Securities and Exchange Commission has settled charges brought against Loci Inc. and its CEO John Wise in connection with an unregistered securities offering.
The number of laypeople pouring their money into ‘crypto’ is growing exponentially, lured in by fantasies of overnight wealth and the false idea that BTC’s 300% gains over the past year can only continue.
The fraud under investigation was led by convicted fraudster Boaz Manor, alongside his criminal associate Edith Pardo.
Sirin Labs, Stox and Leadcoin raised over $250 million in their respective token sales, but according to the employees, the operators directed the funds to their own personal expenses.
In addition to the alleged ICO fraud, Lee Jung-hoon is also under investigation for alleged fraud, tax evasion and transferring assets out of South Korea irregularly, authorities said.
Justin Cheng has pleaded guilty to charges of defrauding the U.S. government of over $7 million through the COVID-19 relief program.