Fraudulent South Korean Exchange Pure Bit Nabs $2.8M in ICO Exit Scam

A South Korean ICO has defrauded its private sale investors out of roughly 13,500 ETH ($2.8 million) before disappearing from the internet entirely. Pure Bit, which has already pulled the plug on its website, has apparently conducted a fairly routine exit scam for its Pure Coin token sale. The cryptocurrency was pitched as an exchange token for Pure Bit, an exchange that was supposed to launch by the end of the month. The Coin  promised to give investors shares of the exchange’s trading revenue as well as discounted fees for trading,…

Thailand to Legitimize First ICO ‘Portal’ via New Regulation, Says SEC Head

Thailand’s securities regulator will clear “at least one” Initial Coin Offering (ICO) “portal” to operate legally in November, local daily news outlet Bangkok Post reported Nov. 8. Speaking to the publication, Rapee Sucharitakul, secretary general of the Thai Securities and Exchange Commission (SEC) said that ICOs themselves could also start seeing official approval to serve Thai markets as soon as December. “At least one ICO portal will be certified in November, then we can approve each ICO offering, which might start in December,” he said. The confirmation marks the closing…

The Incoming Wave of ICO Regulation (Yes, It’s Coming)

Alex Sunnarborg is a Founder of Tetras Capital. Previously, he was a research analyst at CoinDesk and a founder of the crypto investing app Lawnmower. As you may know, securities classification analysis in the U.S. today primarily revolves around the Securities Act of 1933 and the SEC v. W.J. Howey Co. Supreme Court case of 1946. The Securities Act of 1933 was established to require issuers to disclose certain pieces of information to potential investors prior to any public securities offering. This law was enacted to reduce misrepresentation by issuers and to help…

BREAKING: Coinbase raising pre IPO at $8bn Valuation

CNBC CRYPTOTRADER EXCLUSIVE: Coinbase raising Pre IPO funds. – Why is Steve Wozniak excited about Crypto. – Tim Draper – why the market isn’t moving – Adam Draper – is he selling his Coinbase Shares now? – Dan Morehead – How are fund navigating this Cryptowinter – Equities Crash in November – Good for Crypto UCN9Nj4tjXbVTLYWN0EKly_Q Source link

Taiwan Will Issue Draft ICO Rules by June 2019, Regulator Says

Taiwan plans to release draft Initial Coin Offering (ICO) regulation by June 2019, local English-language daily news outlet Taipei Times reported Tuesday, Oct. 23. The publication quoted plans from Wellington Koo, chairman of Taiwanese finance regulator — the Financial Supervisory Commission (FSC) — who was speaking at a meeting of the Legislative Yuan Finance Committee. “The more we regulate, the more this new economic behavior wanes,” he told members of the meeting on Oct. 22. ICOs have created tension throughout international jurisdictions keen on avoiding consumer exposure to fraud. Locally,…

$50 Million ICO Shuts Down ‘in Accordance with’ Regulatory Requirements

An Initial coin Offering (ICO) conducted by an Australian crypto startup Global Tech Exchange (GTE) has ceased operations, citing the Australian Securities and Investments Commission (ASIC) requirements, the company’s website reveals Monday, Oct. 22. According to Business Insider Australia, the ICO was launched summer 2018 by GTE to create an an education-based trading and exchange platform and had a fundraising goal of $50 million. The firm quickly gained popularity after being endorsed by Michael Clarke – a former Australian cricket captain and national celebrity. As of August, GTE cited him…

Online Bank Swissquote Enters ICO Market With Purchase and Custody Option for Clients

Swiss online financial services provider Swissquote announced it had become “the first bank worldwide” to offer purchase and custodial services of (Initial Coin Offering) ICO tokens for clients in a press release Monday, Oct. 22. Swissquote, which has offered various cryptocurrency-related services to account holders since 2016, began its latest service by allowing them to purchase ICO tokens from industrial diamond manufacturer LakeDiamond. Explaining the move, the bank said it was now no longer necessary for ICO consumers to “understand blockchain.” “Combining crowdfunding with the blockchain creates a new form…

Australian Securities Watchdog Halts ICO Seeking to Raise $50 Million

An Australian initial coin offering (ICO) project planning to raise as much as US$50 million has announced its token sale has been halted by the country’s securities regulator. Called Global Tech Exchange, the Brisbane-based project announced on its website Monday that its token sale has now ceased after the Australia Securities Investments Commission (ASIC) stepped in. According to tracking site ICO Bench, Global Tech had intended to raise somewhere between $10 and $50 million in its bid to fund the creation of a cryptocurrency trading platform. The token sale started on Sept.…

86% of ICO Tokens Worth Less than at First Crypto Exchange Listing

Global professional services firm Ernst & Young (EY) has released a report on the performance of ICOs over the last year, and in keeping with the bear market for cryptocurrency assets, the trend was predictably downward. Just 10 Tokens Count for 99% of All ICO Gains EY released a report on ICOs back in December 2017, which included a total of 372 projects. Within those projects were 110 standout ICOs that accounted for 87 percent of all funds raised among all projects analyzed. They dubbed this collection of more successful projects…