DEBT Box, a company that primarily provides users of its services with crypto mining software, was taken to court last year by the SEC.
According to the regulator, DEBT Box had defrauded investors to the tune of $50 million by selling unregistered securities. The company, which provides an ecosystem to go along with its software, has its own token, DEBT, to facilitate payments across the ecosystem. However, it is a tool used primarily for the transfer of assets in-house.
Assets Frozen Erroneously
Back in August, the SEC asked the court to freeze DEBT Box’s assets, claiming that the company was putting users’ funds at risk due to “proof” of a $720k transfer to foreign bank accounts.
Additionally, the request was filed ex parte, meaning that DEBT Box was not made aware and, therefore, could not challenge it in court. The agency motivated this by stating that the firm’s lawyers were attempting to stop the SEC’s request, which is sort of what lawyers are hired to do.
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