[2017-12-4]SEC Emergency Action Halts ICO Scam

[alani123]

Washington D.C., Dec. 4, 2017 —

The Securities and Exchange Commission today announced it obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month.

https://www.sec.gov/news/press-release/2017-219

This is probably a first in the history of ICOs. It's not often that we see the SEC step in in case where securities laws are breached. Oftentimes the teams behind ICOs take measures to protect themselves from such. Could this be a turning point for ICOs in the US?

[IconFirm]

Can't see these guys being short of work - one glance at all the ICO's on the Altcoins thread here on BCT will keep them busy for the next few years at least!   

[MoonJeina]

Washington D.C., Dec. 4, 2017 —

The Securities and Exchange Commission today announced it obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month.

https://www.sec.gov/news/press-release/2017-219

This is probably a first in the history of ICOs. It's not often that we see the SEC step in in case where securities laws are breached. Oftentimes the teams behind ICOs take measures to protect themselves from such. Could this be a turning point for ICOs in the US?

To be Honest , there is not a lot that is wrong about his statement . Many countries like Japan , China had already intervened into the matter because there were many reports about fraud and faux ICOs . I have witnessed myself , I have like more than dozen type of ECR-20 coins and only 3-4 among them are real and properly registered . All the promises made before the ICO turns out to be a way to trap by the bait . This does not stop here , raging members and participants of the ICO are flooding the forum with complaints and dissatisfaction .
There are many promising projects too , but they kind of get hidden in the crowd . It is getting very hard to find a good And promising ICO.

[IconFirm]

It is getting very hard to find a good And promising ICO.

That's because there are hardly any legit ones anymore.

BCT has become a haven for ICO scams & other rip-offs but moderators seem to do nothing about it - even the most blatantly obvious scams are allowed to run on this forum unhindered because the scammers behind them know that they can get away with it here - it's farcical tbh. Worst still, any forum member who calls the scams out is immediately set upon by the scam groups & their many shill/fake accounts, resulting in honest forum members getting negative feedback for trying to warn others - which then puts other members off calling scams out.

If moderators continue to let these scams go unhindered I can see the SEC having no option but to move in on BCT itself - because by allowing these scammers to promote their scams on this forum, BCT themselves are actively promoting them - which is precisely what the SEC want to stop.