The SEC found guilty of the altcoin project that raised $16.5 million in the 2017 ICO. The regulator announced today that it is suing the project and its founders. Following the news, the associated altcoin declined by double digits.
SEC filings sue Dragonchain for over $16.5 million ICO
The SEC reviewed another 2017 ICO with legal action. On August 16, the Securities and Exchange Commission sued a number of companies associated with Dragonchain and its founder, John Joseph Roets, over a pre-sale and ICO that raised $16.5 million at the time. The Commission describes the ICO as an unlicensed securities offering. It also demands the return of the cryptocurrency along with the fine.
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