News by Altcoin Buzz: Deepika Garg
In the crypto-verse, fraud seems almost like a must. That said, it shouldn’t come as a surprise that the U.S. Securities and Exchange Commission (SEC) has sued ICOBox that has now some serious allegations to handle. But a deeper delve into the issue has also revealed some shocking information that the crypto community should know about immediately.
According to an official press release by the SEC, ICOBox founder Nikolay Evdokimov and the company stand accused of conducting illegal securities offering. The press release reads, “All the while, they were conducting brokerage operations as unregistered brokers.”
For the uninitiated, in 2017, the company raised $14.6 million in an ICO sale. It claimed to be the trailblazer in ICO marketing services. But that wasn’t exactly the case. In fact, ICOBox exposed 2000 investors to “risky investments”. And those are worthless now. According to the SEC, there existed no investment protection as necessitated by the law.