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Mike Novogratz Is Likely to Purge Off the Unprofitable Pantera ICO Fund

Coinspeaker Mike Novogratz Is Likely to Purge Off the Unprofitable Pantera ICO FundIn general, the fund that made a bet on different unknown coins is experiencing major troubles. The long-awaited “altcoin season” didn’t come.ICO Funds Related to Shitcoins are Receiving  the HeatAccording to the sources, ICO designated portfolios are losing most of the profits. Many of the funds keep the “illiquid, pre-launched” tokens which will only be launched at the end of 2019. However, this does not add those tokens any credibility.Instead, we see that privacy-oriented PoW coins are keeping their pace, gaining new advocates and followers.Somehow, the prices fall in the lights of numerous ICO scam actors and projects reputation. Starting with the obvious thieves like Tadas Kasputis from EgoPay or Dmitrii Vasilev from BTC-e/WEX, and proceeding to sophisticated ones like the OneCoin pyramid orator Ruja Ignatova. She can be considered as the most talented hypnotist among all the crypto scammers.Not a big surprise that the Pantera ICO Fund sees significant losses with a fair value of $2,878,391 while the investors did put $17,406,675 into the ICO stack during Q3. Also, there’s a bunch of other investment firms who pledge on altcoins and odd tokens and lose profits during 2019.Source: Galaxy Digital Holdings LP Management’s Discussion and AnalysisMike Novogratz and his Galaxy Digital investment group have put a significant portion of the capital into this industry. The holdings reached almost $106,5 million in Bitcoin back in September 2019. It is not a substantial sum compared to some big Bitcoin exchanges and their cold wallets.However, many ICO related funds have been putting the money and efforts into opaque projects that lost their traction during 2019, sometimes – even before the launch. As people in the industry become smarter, the ICO funds turn obsolete.Novogratz Must be Thinking of Kicking Pantera ICO Fund OutIf we visit Galaxy Digital’s official website to look up the stats, we could see a PDF outlining the Management discussion and analysis performed by the group to determine Q3 gains and losses, as well as some other issues.Across venture companies, the returns on ICO and other types of new token investments are under-performing. Even the classic Bitcoin and altcoin holders gain more by just holding. Imagine a world where the usual non-investing people buy coins, wait half a year and win. While at the same time, professional investors keeping every day near the graphs and lose. That’s the Bitcoin’s world. The dreamers put the money into shady tokens that “cure cancer” or “make hot chicks jump onto you out of the blue”.Strangely, investors are expecting profits from such projects. But crypto veterans know that ICO tokens are “pocket currencies” which keep falling and serve as a good cause for generating painful memes. They have zero utility and are not used by millions of people for everyday cross-border payments. They don’t have a stable code like BTC, BCH or XMR. There are thousands of the ICO tokens, but the merchants still prefer Bitcoin and Bitcoin Cash. No way to convince them to shift to “more scalable and robust” (but less secured) alternatives.Since the majority of ICO tokens don’t have any actual usable products, they will not generate mass effects and profits even if you put billions in the marketing, fancy websites, cute dark-grey photos and provocative PR.Mike Novogratz Is Likely to Purge Off the Unprofitable Pantera ICO Fund

Bitcoin Law Review - Richard Heart's HEX Scam, Virgil Arrest for North Korea, OneCoin, Telegram ICO

https://ToneVays.com by @ToneVays https://twitter.com/ToneVays Unconfiscatable is Open for Registration at Unconfiscatable.com Sequential Alerts (Free for Now): https://t.me/joinchat/AAAAAE4Hy84LAsx7HaRgSg Disclaimer: Nothing said on this law show should be interpreted as Legal Advice! Topic 1: Virgil Griffith of Ethereum Arrested for speaking Blockchain in North Korea https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-arrest-united-states-citizen-assisting-north-korea https://twitter.com/virgilgr/status/1161217917427470337 https://www.coindesk.com/us-arrests-ethereum-developer-for-training-north-koreans-to-evade-sanctions https://twitter.com/peterktodd/status/1200513812614569984?s=09 Topic 2: One Coins Lawyer Conviction https://www.coindesk.com/jury-convicts-crypto-ponzi-scheme-onecoins-lawyer-on-fraud-charges?amp=1#click=https://t.co/LCaZeUOr5F https://fcced.com/fmr-us-president-bro-neil-bush-implicated-crypto-ponzi/ Topic 3: ICO's in the hot seat https://cointelegraph.com/news/wsj-three-ico-startups-missed https://www.sec.gov/news/press-release/2019-212 https://www.sec.gov/litigation/complaints/2019/comp-pr2019-212.pdf https://www.courtlistener.com/docket/16325310/37/securities-and-exchange-commission-v-telegram-group-inc/ https://www.theblockcrypto.com/post/48681/stox-token-sale-proceeds-used-to-buy-israeli-soccer-team-new-federal-court-lawsuit-says https://www.theblockcrypto.com/post/46539/verge-token-hack-lawsuit-says-creators-in-project-black-paper-are-general-partnership-and-that-is-not-a-good-thing https://www.scribd.com/document/434293560/Verge-Lawsuit https://www.theblockcrypto.com/post/47675/blockchain-analytics-firm-elliptic-finds-over-400m-xrp-tied-to-illegal-activities Topic 4: Richard Heart's HEX Scam: https://twitter.com/ToneVays/status/1201200020659331072?s=20 https://www.youtube.com/watch?v=haKyp9FPVeo https://www.youtube.com/watch?v=8MHKd5C4D2U Update is Possible on Ripple a Security: https://www.xrpchat.com/topic/26151-ripple-lawsuit-tracker-august-2018-update/ https://www.coindesk.com/investors-suing-ripple-cite-sec-guidance-to-argue-xrp-is-a-security https://www.theblockcrypto.com/2019/08/15/xrp-the-more-things-change-the-more-they-stay-the-same/ https://static.coindesk.com/wp-content/uploads/2019/08/716bee37-e45e-41d2-a4e1-2d966015a277.pdf https://www.forbes.com/sites/billybambrough/2019/08/18/ripples-xrp-branded-scam-by-bitcoin-analyst-as-lawsuit-row-intensifies/amp/?__twitter_impression=true https://twitter.com/stephendpalley/status/1101482529272619012 https://images.law.com/contrib/content/uploads/documents/403/16554/ZakinovvRipple.pdf https://www.theblockcrypto.com/2018/12/06/do-ripple-executives-statements-imply-that-xrp-is-a-security/ The Block's Deleted Twitter Thread, Use Archive.is: https://twitter.com/mdudas/status/1065804676690518017 Time Permitting: US Housing Foundation vs Forman (1975) https://supreme.justia.com/cases/federal/us/421/837/ Other: https://medium.com/@sashahodler/ready-for-your-title-31-exam-e8233cf3cfad https://www.coindesk.com/us-judge-refuses-to-quash-irs-summons-for-bitstamp-exchange-records https://www.linkedin.com/feed/update/urn:li:activity:6603447509547307008/?msgConversationId=6570391040740638720&msgOverlay=true Honorable Mention: https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets https://www.sec.gov/news/speech/speech-hinman-061418 Closing Moment of Zen: https://twitter.com/Horsebox_1/status/1117955111219867648 See Regulation overview in each state here: https://www.carltonfields.com/state-regulations-on-virtual-currency-and-blockchain-technologies/ Please Support via Affiliate Codes: eToro Affiliate for US persons: http://partners.etoro.com/B11515_A80104_TClick.aspx eToro Affiliate for Non-US Persons http://partners.etoro.com/B10521_A80066_TClick.aspx Unlimited Trading for $9 a Month at LVL: https://lvl.co/?r=kDpHhBmS ByBit: https://www.bybit.com/app/register?ref=oyrlN Deribit to save 10% on Trading: https://www.deribit.com/reg-3221.4686 Buy/Sell Bitcoin at Paxful: https://paxful.com/?r=or4dNEDBBQX Trading View: http://tradingview.go2cloud.org/aff_c?offer_id=2&aff_id=4905&url_id=3 TorGuard VPN 50% off code & link = tone50: https://torguard.net/aff.php?aff=3782 Ugly's Lifetime Subscription: https://uglyoldgoat.com/?rid=4xyuzu Audio Podcast: https://itunes.apple.com/us/podcast/the-tone-vays-podcast/id1390209454?mt=2 Tone Vays is available for Corporate Consulting at the rate of 0.3 btc per hour. Please email Tone@protonmail.ch for additional info.
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Federal Court Lawsuit Says Money From Stox Token Sale Was Used To Buy Soccer Team

A new federal court lawsuit against Stox Technologies in Seattle claims that the proceeds from the token sale of Stox tokens were used to buy a soccer team from Israel and other outside investments. This would be a clear breach of the law, as the money should be used on the project instead. The lawsuit […]
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Stox token sale proceeds used to buy Israeli soccer team, new federal court lawsuit says

Link to lawsuit A new 8 count federal court lawsuit in Seattle names Stox Technologies and Moshe Hogeg as defendants. Plaintiff claims that he purchased Stox Tokens in reliance on statements made in the Stox whitepaper but was damaged to the tune of $435,000 when the Defendants flooded the market with Stox tokens, "causing a drastic and unpredictable loss in value of the currency."  Plaintiff says that the losses weren't just to him, but that investors in the U.S. and all over the world were defrauded out of hundreds of millions of dollars.  Plaintiff also alleges that profits from token sales by Mr. Hogeg were used "to fund numerous expensive purchases, including $19 million to acquire land in Tel Aviv in one of the most expensive residential real estate transactions in Israel's history, $7.2 million for his acquisition of Beitar Jerusalem, one of Israel's top soccer clubs, and a $1.9 million donation to Tel Aviv University, who together have joined to launch the Hogeg Blockchain Research Institute." The lawsuit alleges that the Stox token sale was part of an ongoing pattern of conduct and that "in November 2019 Moshe Hogeg launched another ICO for BLOCKTV hoping to raise an additional $6Million."  (NB -- BlockTV describes the sale as an IEO, not an ICO, which has led some wags to start singing "tomayto, tomahtoe, potatyo, tomahtoe, let's call the whole thing off.")  What's my take? First, congratulations to this plaintiff for having the frigging moxie to go at it alone and turn out a not terrible lawsuit.  It's better than some of I've seen and good for you for not waiting around for someone to take your case on contingency.  Second, though, lawyers will tell you that a person who represents themselves has a fool for a lawyer. There are some exceptions here but while there is a lot of smoke in the lawsuit -- and some fairly serious allegations about fraud and underlying criminality -- there are also difficult jurisdictional issues that will need to be resolved and, also, the causes of action are a hot mess. Forget the fact that there is a typo in the caption (it's declaratory, not declatory).  There are 8 counts here, including RICO, with underlying securities claims as the predicate wrongs. Let me just say that securities claims are hard enough after the PSLRA without having to monkey around with the elements of a RICO claim.  Without a professional (and even with one), this case has some challenges, including biting off more than maybe you want to chew. Challenges aside, I'm told by an off the record source with knowledge of prior lawsuits involving Hogeg and token sales that several were settled for 7 figures.  So pleading problems aside, perhaps that is the angle here.  It seems quite likely, regardless, that if not settled immediately, this case will be subject to some immediate motion to dismiss practice (after the Plaintiff effects overseas service of the defendants, which is also a ton of fun and takes some time).
The Block Crypto

Becoming a regulated ICO - Elrond

​ https://preview.redd.it/iims4ecubl141.png?width=1024&format=png&auto=webp&s=6986a88188c7879a4441fc9f4de05912cddcc138 Toward the end of 2017 Twitter was flooded with statements like: “Down with the banks!”; “Crypto vs government!”; “We don’t need regulation!” All that quickly changed in 2018 after the market crash. Afterwards, the battle cries turned into: We need regulation! Who allowed this to happen? ICO market is full of scams! They changed the terms on their investors, why is nobody doing anything! Lots of investors can resonate with the latter claims. ICOs have frequently changed their vesting schedule without any warning to investors. Indeed, up until last year, it wasn’t even clear to whom ICO’s had to report their metrics. Another problem for many ICOs are banks, or more so the lack of banks. Finding crypto-friendly banks is hard, and most projects you see out there do not have a bank account. Not because banks are worried about going out of business from the pending blockchain revolution or any of that, but simply because the level of KYC & AML done by most ICOs and exchanges does not satisfy required regulatory guidelines. Or at least this is what the banks say. So, in order to build a global lasting infrastructure, we first wanted to make sure that we establish a solid foundation in a country with clear legal crypto guidelines. Switzerland: trial and error We started our journey back in 2017 in Switzerland. Many projects were heading in that direction and it looked like a good idea, especially after FINMA (the Swiss Financial Authority) announced its detailed ICO guidelines in February 2018. It made sense to attempt to build in an environment with an established set of rules, but things were not as established as they seemed. Since FINMA was just publishing some guidelines, and there was no bill to explain and enforce the regulations, nothing was actually clear. The market was booming, and Swiss banks were ready to profit of the boom. They told us that our KYC & AML had to be done by a certified KYC provider in Switzerland. Needless to say that the price for this services were 10x the average market price. After months of trying to get a clear view of what we are supposed to do, what our token will be legally considered, countless discussions with our lawyers, banks, and KYC/AML providers, we decided to give up on this slow and expensive option. It was time to go back to the drawing board and look for a different jurisdiction. One in which blockchain, crypto, and ICOs were regulated, but also one where we could move a lot faster. Malta: faster and cheaper It turned out Malta was the answer for us. It still requires a lot of work, and countless discussions, but at least in Malta we found solutions for most of our problems. The Maltese gov. passed 3 bills in June 2018 regarding cryptocurrencies, blockchain and distributed ledger technology (DLT) marking it one of the first jurisdictions in the world to pass specific legislation around the tech. Consequently, we have incorporated Elrond Ltd. in Malta. We are in the process of obtaining a license, that will enable the company to issue the Elrond token, list on exchanges, and publicly raise funds through an ICO. Currently we are in the private seed funding stage and NOT at the final public sale round. Given that we are in the process of getting license from Malta’s financial authority, legal reasons prohibit us from publicly disclosing various financial information at this point. As soon as the license is cleared however, we’ll be able to be as transparent as possible and share all relevant financial information. To be sure, the Maltese law ensures a higher transparency level by requiring ICOs to make a series of documents public, such as shareholders, whitepaper certification, board of directors, appoint an auditor, a VFA agent, a MLRO agent, and a custodian, establish a cyber-security framework, ensure that there are appropriate systems in place to satisfy AML/CFT requirements, etc. Regulation is evolving fast, and we’ve learned a lot from trying to go through all legal hurdles in Switzerland first. Perhaps the most important lesson being that lawyers can kill your startup if you let them decide business matters on your behalf. Still, some regulation might be useful for most ICOs. Even licenses like the one required in Malta might help protect some investors by adding higher accountability standards. In the end, it is up to the community to take time for serious due diligence and reward good behavior with trust and support. As long as there is balance between consumer protection and permissionless innovation, it is up to blockchain projects to raise the standard and adopt self governing principles. For more information, please visit us: Official website: www.elrond.com Elrond Github: https://github.com/ElrondNetwork Whitepaper: https://elrond.com/files/Elrond_Whitepaper_EN.pdf Twitter: https://twitter.com/elrondnetwork Community platform: community.elrond.com

New York Man Faces Jail Time for “Misleading” ICO

It’s happened again, folks. Another person is now facing prison time for taking part in an alleged initial coin offering (ICO) scam that has seemingly cheated people out of their hard-earned funds. Why the ICO Is Not a Trusted Funding Medium Maksim Zaslavskiy – who hails from Sheepshead Bay in New York – has been sentenced to a year-and-a-half in federal prison by a Brooklyn-situated court for lying to investors that took part in his token sale. This is being reported as the first cryptocurrency conviction centered around an ICO in the U.S. Zaslavskiy earned more than $300,000 through the sale and garnered attraction from approximately 1,000 different investors. Sadly, court documents state that he purposely misrepresented his enterprise as a means of making the company appear larger. U.S. Attorney Richard P. Donoghue explained in a statement: Zaslavskiy committed an old-fashioned fraud camouflaged as cutting-edge technology. This office will continue to investigate and prosecute those who defraud investors, whether involving traditional securities or virtual currency. ICOs have largely lost their popularity over the past year or so, mainly because they have served to do more harm than good in the cryptocurrency space. While initially believed to be a solid method for garnering startup capital, many companies and individuals have abused the privileges that come with ICOs, and the process has been banned in countries like China. Many times, people use ICOs as a way of earning money for their businesses. People pledge Ethereum (ETH) or ETH-based tokens in return for a new cryptocurrency that will inherently give them access to the new company’s goods and services. It should be a simple trade of sorts, but it doesn’t always work out that way. Sometimes, ICOs are fraudulent from the start, where people orchestrating them garner a certain amount and then take off with the funds they’ve earned, as it was never their plan to start a company of any kind. Otherwise, these ICOs work for a time, but the companies they’re meant to fund ultimately fail within their first six months. The businesses close their doors permanently, but the people who invested in the companies are left with empty pockets, bruised pride and a lot of coins that are now completely useless. Hence, the risks involved with ICOs have become far too great for some countries to handle. Don’t Lie About Your Project Zaslavskiy was initially arrested in October two years ago and was charged with securities fraud and conspiracy to commit securities fraud. The ICO in question was promoted through materials that claimed the cryptocurrency up for sale was backed by several reputed financial companies. This later turned out to be false. Aside from prison time, Zaslavskiy will also be forced to pay back his investors, though the amount of restitution remains unknown at press time. The post New York Man Faces Jail Time for “Misleading” ICO appeared first on Live Bitcoin News.
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