SEC: Crypto ‘entrepreneur’ illegally raised $42M, spent funds on dating and rent

Published: December 12, 2019 | by Bitcoin Press News Team

Cryptocurrency ‘entrepreneurs’ beware: US regulators haven’t forgotten about your dodgy initial coin offering (ICO). The SEC has just charged the head of a crypto startup for allegedly cheating investors out millions of dollars by lying about non-existent partnerships.

The SEC’s complaint claims that between August 2017 and April 2018, UnitedData founder Eran Eyal fraudulently sold unregistered securities via an ICO for “Shopin Tokens.”

Capital raised by selling Shopin Tokens was supposed to be used to create shopper profiles that track purchase histories across online retailers, which were purportedly to be maintained by a blockchain.According to the SEC, Shopin never created a […]