|
Title: SEC v. Munchee App ICO Post by: secattorney on December 15, 2017, 08:14:37 PM sorry to offer the unsolicited opinion, but my take is Munchee likely had a good argument as a utility token but their pennystock-like pump and dump advertising campaign sunk them. Any thoughts?
https://youtu.be/h-O1Hbz0hC8 (https://youtu.be/h-O1Hbz0hC8) Title: Re: SEC v. Munchee App ICO Post by: squatter on December 15, 2017, 08:51:16 PM sorry to offer the unsolicited opinion, but my take is Munchee likely had a good argument as a utility token but their pennystock-like pump and dump advertising campaign sunk them. Any thoughts? https://youtu.be/h-O1Hbz0hC8 (https://youtu.be/h-O1Hbz0hC8) It seemed like a pretty solid idea to me as a utility token, but the arguments from the SEC make me think they are now taking a conservative stance vis-a-vis utility arguments. Indeed, it's obvious that the promises of future returns were the "smoking gun" in this case, from looking at the SEC order (https://www.sec.gov/litigation/admin/2017/33-10445.pdf): Quote In addition, Munchee made public statements or endorsed other people’s public statements that touted the opportunity to profit. For example, on or about October 25, 2017, Munchee created a public posting on Facebook, linked to a third-party YouTube video, and wrote “199% GAINS on MUN token at ICO price! Sign up for PRE-SALE NOW.” The linked video featured a person who said...“Pretty much, if you get into it early enough, you’ll probably most likely get a return on it....a $1,000 investment could create a $94,000 return.” That's pretty egregious stuff. Unfortunately, the SEC went for the easy kill, so we can only glean so much from this regarding precedent. Title: Re: SEC v. Munchee App ICO Post by: andrewjchapin on April 11, 2018, 07:09:10 PM Lots of misinformation out there about what went wrong at Munchee - as an advisor, I decided to punch up a summary of what I heard and saw: https://medium.com/swlh/what-went-wrong-at-munchee-ico-sec-subpoena-a468cba42e10 (https://medium.com/swlh/what-went-wrong-at-munchee-ico-sec-subpoena-a468cba42e10)
|