May 28, 2020

Blockchain company BitClave PTE Ltd agreed to pay disgorgement, penalties, and interest totaling $29.7 million to resolve charges arising from its 2017 unregistered initial coin offering of digital tokens it called Consumer Activity Tokens (CATs).  The CATs were investment contracts, with proceeds of the ICO used to fund the development of BitClave’s blockchain-based search platform for consumer advertising, which BitClave offered and sold to the general public as providing the opportunity for future profits arising from the efforts of BitClave and its agents.  SEC

Tagged in: Cryptocurrency, Financial and Investment Fraud, Regulatory Violations, Securities Fraud,