BitClave ICO Investors Reimbursed $4.6 Million After SEC Lawsuit
The U.S. Securities and Exchange Commission (SEC) has announced the distribution of millions of dollars to investors affected by the collapse of online advertising blockchain startup BitClave. Reimbursement amounts exceeded $4.6 million.
Payments include principal and interest for qualified investors.
BitClave ICO raised over $25 million in 2017
2020, U.S. Securities and Exchange Commission files lawsuit Against BitClave, it is alleged that the company violated federal securities laws during a 2017 $25.5 million fundraising campaign.
The startup passed Initial Coin Offering (Initial Coin Offering) attracted thousands of investors. The target funding was raised within one minute.
The BitClave Equity Fund was established by the SEC to compensate affected investors. According to today’s statementhas now allocated $4.6 million to participants in the 2017 BitClave ICO.
“Checks are coming in the mail. We will distribute more than $4.6 million to investors harmed by BitClave, PTE Ltd.’s unregistered digital asset securities ICO.” SEC wrote on X (formerly Twitter)
According to the U.S. Securities and Exchange Commission FilingBitClave later agreed to pay nearly $29 million into the fund. However, as of February 2023, only $12 million had been donated.
Qualifying investors have until August 2023 to submit claims. The SEC completed the review process and notified claimants of their eligibility status in March. This marks an important step towards providing compensation to those affected by ICOs.
Big changes expected during Trump’s presidency
despite its approval Bitcoin ETFAs we all know, the SEC has always maintained tight control over the U.S. cryptocurrency market. However, the agency will undergo significant changes when President-elect Donald Trump takes office in January 2025.
Recent reports indicate that the SEC Chairman Gary Gensler may announce resignation After Thanksgiving. executioner It has been criticized by the cryptocurrency community for its law-enforcement-focused stance on digital assets.
As BeInCrypto reported earlier, Trump is considering Three Pro-Cryptocurrency Candidates to replace him. Prominent cryptocurrency advocate Scott Bessent is also becoming one Main contenders for finance minister.
Additionally, Trump is reportedly planning to establish a permanent Cryptocurrency advisory role within the White House. The position will serve as a liaison between Congress, regulators and the administration regarding cryptocurrency policy.
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