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SEC Sues Five Bitconnect Promoters Over $2 Billion Fundraise

coingape.com 31 May 2021 10:24, UTC

The US Securities and Exchange Commission (SEC) has sued five individuals for promoting BitConnect Initial Coin Offerings (ICO) via various mediums that helped the firm raise $2 billion. The five individuals are accused of promoting unregistered security, a common theme among many ICOs from 2017.

The chief regulatory body in a Friday briefing mentioned the promoters of the scheme received commission based on the cash and investment they brought in, and one of the promoters had allegedly bagged a commission of $2.6 million.

coingape.com