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SEC takes action against illegal Token-sale

tried by The U.S. Securities and Exchange Commission (SEC) order to the sometimes chaotic crypto-world to. Some may interfere with this regulatory zeal, but he

- 54 reads.

SEC takes action against illegal Token-sale

tried by The U.S. Securities and Exchange Commission (SEC) order to the sometimes chaotic crypto-world to. Some may interfere with this regulatory zeal, but he often appears to be justified. So also in this case.

By Anton Livshits
19. September 2019BTC$10.256,89 0.90%part Facebook Twitter LinkedIn xing mail

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the crypto-company ICOBox and its founder Nikolay Evdokimov.

The authority throws Evdokimov, to have his company for a Token to be sold, which the SEC sees as the unannounced value of paper. Evdokimov will be occurred also as non-certified stock exchange brokers. For this purpose, it is said in the indictment:

Since August, 2017 ICOBox and Evdokimov took part in both the non-registered sale of securities on a ICOBox-Token-sale in the amount of $ 14.6 million, as well as the unregistered broker activities in connection with securities offered by customers of ICOBox, leaving thousands of investors with high-risk investments were exposed, without the necessary information and protection, to provide for measures required by the Federal securities laws.

SEC goes against the supposed Start-up incubator before

According to the SEC ICOBox should be as a Start-up incubator has occurred. Evdokimovs company offered its services to help emerging crypto Start-ups to get through the Initial Coin Offerings (ICOs) to capital. However, ICOBox needed self-funding. To this purpose, the company in the summer of 2017, a successful ICO. Through the sale of the company's own and actually so designated ICOS Token Evdokimov was able to take such $ 14.6 million.

Behind the tokens on the following idea stuck. The owner should be able in the future, your ICOS Token to be exchanged for the tokens of those companies, the use of ICOBox a private Coin Offering started. Evdokimov promised here discounts of up to 75 percent. The SEC notes that Evdokimov demonstrably knew that the offers that are considered by the sec as a securities. However, he took no steps, instead, he referred to a non-specified Use of the Token.

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Ultimately, the business of ICOBox delivery, however, is not as good as hoped. Instead of Evdokimov promised 100 ICOs per month, the company managed a total of just over 30 clients. As a consequence, ICOBox line is that the opportunity for ICOS Token against the customer's trade-ins. The value of the Token thus amounts to a fraction of the original selling price.

Even with the relatively few successfully completed customer-ICOs ICOBox was able to set up a capital in the amount of 650 million US dollars. The company earned through fees and Success fees. That's why the SEC looks at the facts of the case of a non-approved activity as a stock broker as a given. Evdokimov and his business a significant money penalty now.


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