The US Securities and Exchange Commission (SEC)
The Securities and Exchange Commission today charged a digital-asset entrepreneur and his company with defrauding investors in an initial coin offering (ICO) that raised more than $42 million from hundreds of investors.” reads the press release published by
Eran Eyal, the founder of
Eyal launched an Initial Coin Offerings (ICOs) to raise funding to create universal shopper profiles, maintained on the
Unfortunately, fraudulent ICOs are not a rarity over the years the media reported several cases of exit scams.
“As alleged in the SEC’s complaint,
According to the SEC’s compliant Eyal misappropriated investor funds, at least $500,000, for his personal use, including a dating service.
“As alleged in today’s action, the SEC seeks to hold Eyal and Shopin responsible for scamming innocent investors with false claims about relationships and contracts they had secured in support of a
Investors in the
Eyal also pled guilty to criminal charges brought by the New York Attorney General’s office, the man pled guilty to operating three different securities fraud schemes, including the
According to CoinDesk, roughly $450,000 in an undisclosed
On August 2018, Attorney General Barbara Underwood charged the man with stealing $600k from the investors of Springleap global crowdsourcing company.