Shopin founder charged by SEC for running $42 million scam cryptocurrency ICO

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

The US Securities and Exchange Commission (SEC) has filed charges against the founder of Shopin for allegedly running a scam ICO to defraud investors out of $42 million.

The SEC’s complaint , filed in federal district court in Manhattan, claims that from August 2017 to April 2018, Eran Eyal, the founder of UnitedData — trading as Shopin — operated an unregistered ICO without any project or product to back its claims.

Initial Coin Offerings (ICOs), also known as token sale events, are launched as an alternative means to raise funding, rather than having to rely on banks or angel investment.Before an […]