Litecoin

Apple

Read

<div class="cryptonews"> 
 <p class="is-style-lead">The Securities and Exchange Commission (SEC) has&nbsp;issued&nbsp;a temporary restraining order against a Utah-based company, DEBT Box, accusing the firm and its principals of conning investors out of approximately $49 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> through a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> scheme.</p> 
 <p>The Anderson brothers, Jason and Jacob, and 15 others allegedly orchestrated an extensive financial operation in March 2021 that raised significant funds from US investors in Bitcoin (BTC) and Ethereum (ETH).&nbsp;</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">We obtained a temporary asset freeze, restraining order, and other emergency relief against DEBT Box and its four principals, Jason Anderson, his brother Jacob Anderson, Schad Brannon, and Roydon Nelson in connection with a fraudulent scheme to sell crypto asset securities.</p>— U.S. Securities and Exchange Commission (@SECGov) August 3, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>The group allegedly marketed and sold “node licenses,”&nbsp;unregistered securities&nbsp;supposedly designed to produce <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> asset tokens via <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> mining activities.&nbsp;</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> KuCoin suspends Bitcoin and Litecoin mining pools 
 </div> 
 <p>They reassured investors that various revenue-generating businesses across several sectors would drive these tokens’ values.&nbsp;</p> 
 <p>According to the narrative spun by the accused, these companies would mine and increase the value of the various tokens that DEBT Box handled.</p> 
 <p>However, the SEC now claims that the funds collected from the sales of these node software licenses were not used as promised. Instead, they purportedly served to finance a lavish lifestyle for the defendants, including purchases of luxury cars, houses, and extravagant vacations.</p> 
 <p>The director of the SEC’s Salt Lake Regional Office, Tracy S. Combs,&nbsp;stated,&nbsp;</p> 
 <blockquote class="wp-block-quote"> 
  <p>“We allege that DEBT Box and its principals deceived investors on virtually every critical aspect of their unregistered securities offering. This included falsified claims of their involvement in crypto asset mining. We took this emergency action to safeguard the victims of the defendants’ illegal activities and prevent further damage.”</p> 
 </blockquote> 
 <p>In addition to the restraining order, the SEC has secured a temporary asset freeze and other emergency relief to inhibit further illicit activities.</p> 
 <p>The defendants have been accused of selling unregistered securities, including&nbsp;<a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency&nbsp;assets like BLGD and DEBT.&nbsp;</p> 
 <p>The agency has been cracking down on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> and has classified some digital assets as securities. They recently labeled HEX as a security after accusations that its founder sold unregistered securities.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Apple App Store and Google Play allegedly infested with crypto fraud apps 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

$49 million crypto fraud: SEC files charges against US firm

TheBitTimes

Other articles published on Aug 3, 2023

ASIC Sues eToro for High-Risk Derivative Products

Litecoin Halving Bullishness Fizzles Out With LTC Price Down 6%

Amazon, Google Cloud Host 49% of Bitcoin Lightning Nodes

Ecash Price Prediction: Will XEC Price Break $0.000032 Level?

Ethereum Staking Took Years to Implement, only to be Outshone Immediately by Bitcoin Spark

5 Australian Bluechip Stocks To Strengthen Investments

Join our free newsletter for daily crypto updates!