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BitClave Will Return ICO Proceeds To Investors In SEC Settlement
Summary: Blockchain services company BitClave will return proceeds from an unregistered ICO offering as a part of a settlement deal with the Securities and Exchange Commision, according to a press release on Thursday, May 28. BitClave raked in $25 million by selling its Consumer Activity Tokens (CAT) to 9,500 investors. In addition to returning proceeds, the ...
Blockchain services company BitClave will return proceeds from an unregistered ICO offering as a part of a settlement deal with the Securities and Exchange Commision, according to a press release on Thursday, May 28.
BitClave raked in $25 million by selling its Consumer Activity Tokens (CAT) to 9,500 investors. In addition to returning proceeds, the company will pay additional monetary relief to investors.
The offers and sales of CAT, which are securities, were not registered, resulting in charges being filed by the SEC against the company. CAT has been removed from third-party trading platforms.
The company advertised that money made from token purchases would go towards developing a blockchain-based search platform for targeted consumer advertising. BitClave does not plan to continue developing the platform.
By Emily Mason
Tags: BitClave,Investors,SEC,Tokens
Link: BitClave Will Return ICO Proceeds To Investors In SEC Settlement [Copy]
