ICOs powered the crypto boom/bubble of 2017, but were slapped down and effectively banned by the Securities and Exchange Commission, or SEC, which declared virtually all of them illegal unregistered securities sales. The result ranged from multi-million dollar fines to the outright killing of projects such as Telegram’s TON blockchain.
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Block.one co-founder Brendan Blumer is among the defendants named in a new class action lawsuit (Photo: Block.one)Class action lawsuit against Block.one calls $4B ICO ‘biggest of all crypto frauds’
A lawsuit says the sale of EOS tokens ‘arises out of a fraudulent scheme, fueled by a global frenzy over cryptocurrencies and unchecked human greed’
Disgruntled investors have brought a class action lawsuit against Block.one, accusing the blockchain software firm of netting $4 billion through an illegal initial coin offering for an unregulated asset that became “virtually worthless.”
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Twetch CEO Josh Petty's alter ego "Elon Moist" doesn't give a hoot, Miss Piggy (Photo: "eElon Moist")Twetch CEO “Elon Moist” says the internet will pay you to use social media
Having come out as Josh Petty, the social media platform’s CEO and founder discusses micropayments, what a ‘free internet’ really means, and why he chose the controversial BSV blockchain
Twetch CEO Josh Petty (aka "Elon Moist") believes the internet will pay you to use social media in the future. An ad-free, decentralized social media application where you can make money from content creation and own your data, Twetch has been profitable from day one according to Kermit the CEO.
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The Federal District Court for the Southern District of New York will see 11 crypto firms sued for ICOs (Photo: uscourts.gov)Crypto faces ‘The man who took on Wall Street’
On the day before the statute of limitations expired, the lawyer who extracted $25 billion from banks over the subprime mortgage crisis sued 11 cryptocurrency firms for holding illegal ICOs
Eleven cryptocurrency issuers and exchanges including Tron, Block.one, and Binance were hit with class action lawsuits last week for holding or supporting initial coin offerings. Ominously, they were filed by a group of lawyers led by Philippe Selendy, who the Financial Times called “The man who took on Wall Street” after he forced 16 major banks including Citigroup, Goldman Sachs, and JPMorgan Chase to pay $25 billion for their part in the subprime mortgage crisis that sparked the Great Recession of 2007.