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 After releasing a letter-of-intent to ‘acquire’ 24,800 bitcoins, penny stock Nilam Resources saw the price of its shares rocket and its market cap tap nearly half a billion dollars before collapsing to almost zero once the former CEO and president (who also worked as an SEC compliance&nbsp;consultant) called the company a “classic pump and dump.”
 However, the story doesn’t end there, and as of April 15, <a rel="noopener noreferrer nofollow" title="Nilam Resources" href="https://thebittimes.com/tag/nilam-resources.html">Nilam Resources</a> has rebranded, started a private <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> sale, and deleted any trace of its old website.
 Unfortunately, this probably won’t be enough to stave off actions from regulators or law enforcement.
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 Scoop: Nilam Resources CEO resigns day after 24,800-bitcoin announcement
 </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Scoop: Nilam Resources CEO resigns day after 24,800-bitcoin announcement” — Protos" src="https://protos.com/scoop-nilam-resources-ceo-resigns-day-after-24800-bitcoin-announcement/embed/#?secret=Q0RviaskdY#?secret=lCIH3syLfi" data-secret="lCIH3syLfi" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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 Read more: Nilam Resources stole logo from skateboard brand Powell Peralta
 <h2 class="wp-block-heading" id="h-goodbye-nilam-resources-hello-mindwave-dao">Goodbye Nilam Resources, hello Mindwave DAO</h2>
 Nilam Resources, still available to trade on OTC Markets and still with the ‘caveat emptor’ designation from the trading platform, has dramatically altered its website.
 Specifically, the new company includes ‘DAO’ (decentralized autonomous organization) in its domain name but makes no mention of the concept anywhere else on its website or in its so-called ‘litepaper.’ It also tells users to ‘invest’ upon entering the site, offers options to buy <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>s, and expands on the numerous ways in which it will utilize investor funds. These include covered calls, negative gamma, and volatility trading.
 The token, roadmap, and description of the newly formed company appear to meet the definition of an unregistered security, with dividends for investors and promises of future profits.
 While Nilam Resources may be comfortable with what it’s presenting as a ‘utility token,’ a lawyer familiar with the offering said that the company is “speed-running every regulatory issue on their landing page.”
 “Every line I see is more implicating. I don’t even understand how they did this,” the lawyer said, adding “This is obviously illegal.”
 Protos reached out to both <a rel="noopener noreferrer nofollow" title="Nilam Resources" href="https://thebittimes.com/tag/nilam-resources.html">Nilam Resources</a> and <a rel="noopener noreferrer nofollow" title="OTC Markets" href="https://thebittimes.com/tag/otc-markets.html">OTC Markets</a> but neither have responded. The story will be updated if and when they reply.
 Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;Instagram,&nbsp;Bluesky, and&nbsp;Google News, or subscribe to our&nbsp;YouTube&nbsp;channel.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/nilam-resources-releases-token-described-as-obviously-illegal-tbt86257.html">https://thebittimes.com/nilam-resources-releases-token-described-as-obviously-illegal-tbt86257.html</a>

Nilam Resources releases token described as ‘obviously illegal’

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