Update on news from December 2019
All in Cryptocurrency
Blockchain of Things, Inc. Reaches Settlement With SEC Over Unregistered Initial Coin Offering, Must Pay $250,000 Fine
The U.S. Securities and Exchange Commission and Blockchain of Things, Inc. (BCOT) have agreed to a settlement over an initial coin offering. The SEC concluded that BCOT violated the Securities Act by offering and selling securities without having a registration statement filed or in effect with the SEC or qualifying for exemption from registration. BCOT must pay a civil monetary penalty in the amount of $250,000.00.
Initial Coin Offering Lawsuit: SEC v. Kik
The U.S. Securities and Exchange Commission has filed a lawsuit against Kik Interactive Inc. for the offer and sale of unregistered securities. In its complaint, the SEC alleges that Kik, over a five-month period in 2017, offered and sold one trillion digital tokens called “Kin.” This initial coin offering, the SEC alleges, violated Section 5(a) and (c) of the Securities Act of 1933.
Cryptocurrency Investor Files SIM Swap Lawsuit Against AT&T
Cryptocurrency investor Michael Terpin has filed a lawsuit against wireless provider AT&T for failing to prevent a fraudulent SIM swap on his account, which Mr. Terpin alleges resulted in the loss of $24 million in cryptocurrency. Mr. Terpin claims he fell victim to SIM swap fraud at the hands of criminals working directly with an AT&T employee.