The U.S. Securities and Exchange Commission (SEC) charged Quantstamp, a well-known blockchain security firm, with conducting an unregistered Initial Coin Offering (ICO) on July 21.
The SEC said that, in October and November 2017, Quantstamp raised over $28 million by selling QSP tokens to about 5,000 investors, including those in the United States. In the press release, the SEC states it specifically charged the company “for conducting an unregistered initial coin offering (ICO) of crypto asset securities.”
Failure to register
Quantstamp intended to use those funds to build and promote an automated smart contract security auditing platform. The firm emphasized the platform’s potential, led QSP investors to expect their token value to increase in line with the platform’s success, and made efforts to list the tokens for trading on third-party exchanges.
Though Quantstamp completed its automated smart contract security auditing platform in June 2019, it later ended operations and
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