Large $21M ICO halted by SEC

The United States Securities and Exchange Commission has ceased the operations of an ICO which has managed to attracted over $20M of investments. As the reports tell, the main complaint of the regulator was about false statements regarding the cooperation of this enterprise with notable market figures and corporations. The list includes PayPal, Boeing, Verizon and other companies.

Interestingly, this company called Titanium Blockchain Infrastructure Services will have to return all the gains to clients, as seen from the official papers connected with the case. Both the enterprise and its leader Michael Alan Stollery (also known as Michael Stollaire) are charged with a recognizable criminal offense of fraudulent activities and, additionally, the violation of registration procedure.

Indeed, some dishonest crypto entrepreneurs hope to use the sphere as a legal loophole to evade the surveillance of the state. This case is nothing new for the SEC which has already found an even bigger scam - Centra Tech. Sadly, vast fraudulent ICOs have more means to receive promotional support and sometimes they get it even from the world-famous celebrities.

Image: Bloomberg