SEC Achieves $ 1.26 Billion Withdrawal from Unregistered ICOs in 2020 The US Securities and Exchange Commission (SEC) Enforcement Department has released a report for the 2020 fiscal year, according to which the amount of confiscations and fines as a result of its activities during this period approached $ 4.7 billion. ...

SEC Achieves $ 1.26 Billion Withdrawal From Unregistered ICOs in 2020

The US Securities and Exchange Commission (SEC) Enforcement Division has released a report for the 2020 fiscal year, according to which the amount of confiscations and fines as a result of its activities during this period approached $ 4.7 billion.

More than a quarter of this amount came from the token sale of the Telegram Open Network project. In total, about $ 1.26 billion was raised from the prosecution of the organizers of illegal initial coin offerings (ICOs).

“The Commission received the opinions and orders of the courts totaling about $ 4.68 billion in the form of misappropriated funds and fines. This is the largest amount ever, ”said Stephanie Avakian, Director of the SEC's Enforcement Department..

In total, during the period under review, the SEC took legal action in relation to eight ICO projects. Telegram agreed to return $ 1.2 billion to investors and pay a $ 18.5 million fine. The regulator also pursued the organizers of the ICO Kin, who were subsequently fined $ 5 million.

Bitclave, Shopin, NAC Foundation, Unikrn, Boon Tech, and Bitcoiin2Gen have a total of about $ 40 million confiscated. The NAC Foundation continues to fight the SEC, claiming the plaintiff misled the court.

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