The post SEC Freezes Assets of Utah Crypto Fraud Scheme Raising $50M! appeared first on Coinpedia Fintech News
The SEC has obtained a temporary asset freeze and restraining order against an alleged fraudulent scheme in Utah that raised approximately $50 million by selling unregistered securities to hundreds of U.S. investors. Draper-based DEBT Box and its four principals, along with 13 other defendants, were charged with operating a scheme to sell “node licenses” that would mine cryptocurrency and increase in value. However, the SEC alleges that the defendants were creating crypto instantaneously using blockchain code and had lied to investors about almost every material aspect of their offering.
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