RATE Group | Crypto ‘entrepreneur’ illegally raised $42M, spent funds on dating and rent
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Crypto ‘entrepreneur’ illegally raised $42M, spent funds on dating and rent

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

Posted at 15:57h in Cryptocurrency News by

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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 functional platform, despite raising $42 million. Authorities allege that both Eyal and Shopin repeatedly misrepresented “partnerships” with well-known retailers, as well as the supposed involvement of a prominent figure in the…

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