Legal

Telegram Asks Court to Dismiss SEC Lawsuit in New Filing

  • In the filing the messaging app firm has refuted all allegations made by the SEC that its token is a security.
  • The firm further accused the U.S. regulator of engaging in "improper ‘regulation by enforcement’ in this nascent area of the law".
Pavel Durov, CEO and founder of Telegram, speaks at a conference. Reuters

  • In the filing the messaging app firm has refuted all allegations made by the SEC that its token is a security.
  • The firm further accused the U.S. regulator of engaging in "improper ‘regulation by enforcement’ in this nascent area of the law".
The American flag in front of a building. Shutterstock

CFTC and SEC File Charges Against Swiss Securities Dealer

  • XBT Corp., which operates under the name First Global Credit, allegedly sold unregistered security-based swaps for bitcoins.
  • The company will have to pay the SEC more than $130,000 in fees and disgorgement, while the CFTC has charged it an additional $100,000.
CEO of the QuadrigaCX exchange, Geral Cotten, tragically died on a trip to India, and unfortunately was the only one with access to the cold wallet of the exchange, amounting losses of about $190 million.

QuadrigaCX Founder’s Widow to Hand Over $9 Million in Assets

  • After handing over most of her assets and all of the estate's assets, Jennifer Robertson will be left with $162,700 in personal assets.
  • She personally suggested the settlement after EY Canada released their fifth report, which revealed that her husband commingled client and corporate funds.

Bitfinex and Tether Accused of Crypto Market Manipulation

  • The complaint document claims that the two firms' market manipulation caused economic damages equal to more than a trillion dollars.
  • Days before the accusations were made Bitfinex released a statement, saying that it was expecting such a lawsuit.

EOS Maker Block.One Reached $24 Million Settlement with SEC

  • The current EOS token will not be registered as a security, as the settlement applied only to the original ERC-20 token, which is no longer in circulation.
  • The company was able to raise around $4.1 billion during its ICO, which makes the fine only 0.58% of the proceeds.

Iranian Bitcoin Miners Constantly in Fear of Huge Fines and Even Jail Time

  • Some of the prosecuted bitcoin miners were punished with fines that are much bigger than their annual salary.
  • The electricity problem comes from the fact that the state-controlled prices differ depending on the use-cases and a crypto mining case does not exist yet.

Class Action Complaint Alleges Overstock CEO and CFO of Market Manipulation

  • Overstock and two former executives allegedly published “materially false and misleading statements” about the company's financial state.
  • The "false statements" artificially inflated the company's stock, which let Byrne sell his 13% share in the company at unrealistic prices.

Kik Messaging to Shut Down, Focus on Dispute with SEC

  • After 18 months of disputes, the SEC left the foundation with only one choice – to label the token a security, which would kill its usability.
  • While the Kik messaging app is shutting down, the core of its developer team will continue to work towards developing the KIN token.

Blockchain-Based vSIM Patent Awarded to Verizon

  • The telecommunications giant could soon replace traditional physical SIM cards with a software version, secured with blockchain-based encryption.
  • The vSIM could be used from multiple devices associated with the user's account,and even be temporarily assigned to other users.

Token Sale Platform ICOBox Charged with Illegal Securities Offering

  • ICOBox,and its Founder Nikolay Evdokimov were able to raise around $14 million through the sell of their "ICOS" token in 2017.
  • The company also acted as an unregistered broker, by facilitating the sale of tokens from "dozens of clients", which were able to raise another $650 million.

Bank of America Tries to Patent Multi-Tiered Cryptocurrency Wallet

  • The wallet will be configured to work in a decentralized peer-to-peer network.
  • The current cryptocurrency wallet system has a number of security issues, such as mismanagement or potential theft of private keys.

Peter McCormack’s Legal Defense Turns Spicy in Ongoing Craig Wright Lawsuit

  • McCormack’s lawyers noted that their client's accusations were only in the interest of the public.
  • Wright is still rejecting to offer cryptographic proof that he is indeed who he claims to be.

IBM Has Filed for a Blockchain-Based Web Browser Patent

  • The web browser will gather pre-specified information from browsing sessions, which will then be transferred to a peer-to-peer network for on-chain storage.
  • The filing also shows that a token has been included in the model, and it will be used to verify a user's browsing session, as it is packaged into blocks on the network.

New Jersey Bureau of Securities is Suing Pocketinns For Selling Unlicensed Securities

  • Despite the existence of New Jersey exemptions on token sales, Pocketinns did not acquire the necessary documentation from its investors.
  • The New Jersey Bureau of Securities is seeking a refund and a monetary penalty.