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$30,000 Penalty + Lifetime Trading Ban: SEC Smacks Fraudulent ICO Founder

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The US Securities and Exchange Commission (SEC) recently issued an officer and director bar, a penny stock bar as well as a fine of $30,000 to one fraudulent ICO founder. As the official press release noted, SEC smacked David T. Laurence for taking part in deceitful security offerings.

As the LinkedIn profile of David T. Laurence shows, he is the president and CEO of the oil drilling company named Tomahawk Exploration LLC. He has been working in the company for over eight years.

In June 2017, Laurence started creating “Tomahawkcoins” in an attempt to raise $5 million in an initial coin offering (ICO). The project which he planned would then use the capital to drill ten wells in California.

What the SEC found suspicious here was the false information provided in Laurence’s ICO. As they stated, the ICO statements ”

used inflated projections of oil production” and claimed that Tomahawk had already obtained leases for drilling on the sites. The firm also tried to portray Laurance as a principled individual by claiming that he had a “flawless background”.

Even though the ICO was not successful in raising money – the company set up a bounty program to trade the Tomahawkcoins with online promotional services. As a result, both Laurance and Tomahawk were given cease and desist orders – and they chose to avoid denying or accepting the claims.

The SEC is now confident that scammers are luring people in their projects by offering high returns on investment (ROI) and this ‘trend’ is on the rise. This is why the agency also created a search tool at Investor.gov which contains all the details of various investment professionals – as well as a tool named SEC Action Lookup – Individuals (SALI) which will identify investors convicted by the SEC.

 

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Altcoin News

Five Cannabis Infused Cryptocurrencies To Invest In This Year

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The cannabis crypto sector comes with no shortage. In times when the marijuana industry is growing and the United States is legalizing cannabis in more and more states, we are featuring five cannabis infused cryptocurrencies that are in the focus of many investors. The weed coin sector (as they describe it) has proven to be a great investment opportunity for many. So, today's latest cryptocurrency news list the hottest five cannabis infused cryptocurrencies out there.

DopeCoin Gold (DOPE)

DopeCoin Gold has been featured in the coming altcoin news many times - as a blockchain and cryptocurrency which aims to 'provide marijuana enthusiasts with a modern and secure way of doing business for the 21st century’. Created on Bitcointalk, DopeCoin Gold (DOPE) was first launched in early 2014. The creator of this altcoin also founded CryptoBillings which is a payment processing application for vendors interested in accepting crypto. You can purchase DopeCoin Gold as one of the five cannabis infused cryptocurrencies on markets such as Bittrex.

HempCoin (THC)

HempCoin launched in 2014 and just like DopeCoin, aims at revolutionizing the cannabis industry by providing a trusted network currency. As the website behind this project notes: “HempCoin is on a mission to achieve mass adoption in the agriculture sector by offering solutions that tackle the issues plaguing cross-border transactions. We aim to offer solutions for the lack of banking and payment services for industrial hemp and legal cannabis businesses.” You can buy HempCoin (THC) on Bittrex.

PotCoin (POT)

PotCoin also launched in 2014 and quickly made a name for itself - becoming one of the frontrunners in the cannabis crypto industry. This is why it is in our list of five cannabis cryptocurrencies to watch out for. From its website: “PotCoin provides an underserved legal cannabis industry with a decentralized infrastructure and payment solution. Using PotCoins, industry participants can realize significant cost savings, scalability, and unparalleled enterprise security.” PotCoin can be used to buy weed paraphernalia in different online headshops. The website also advertises a unique Shopify store. Staking rewards are also present on the POT blockchain.

CannabisCoin (CANN)

CannabisCoin (CANN) deserves to be in the five cannabis infused cryptocurrencies to watch out for. Even though it was originally planned to produce its own medical-grade marijuana products (priced at 1 gram of weed at 1 CANN coin) the cryptocurrency was also self-titled as 'The Marijuana Bitcoin'.

Paragon (PRG)

Paragon is also featured in our altcoin news as one of the five cannabis cryptocurrencies. It launched in 2017 with a main goal of: “…building the next generation of seed-to-sale tracking software based on blockchain, while offering cannabis entrepreneurs a high tech co-working environment.” However, its plans got derailed when the SEC came down hard on the project for violating the rules regarding the issuance of security tokens. The CEO of Paragon, Jessica VerSteeg, is a former Miss Iowa winner. She was in the news for framing the SEC ruling as a positive for Paragon at the time, stating: “Paragon is proud that the PRG token is included in today’s action by the SEC and are thereby being granted the opportunity to avail itself of this groundbreaking path forward while continuing to pioneer efforts and to participate in the ever evolving ICO marketplace.”
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Tim Draper Believes Crypto And Libra Are Bridges To A Bitcoin World

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The legendary billionaire and crypto fanatic named Tim Draper is in the latest cryptocurrency news again. His comments this time were geared towards Facebook's stablecoin project (Libra) as well as cryptocurrencies in general. As the news show, the billionaire Tim Draper believes that both of these projects are bridges to a world dominated by Bitcoin. Draper was a guest in an interview with CNBC on July 19, where he voiced his opinions on Libra, crypto and Bitcoin. If you are following our altcoin news, you probably know that Libra is a hot topic everywhere because of the regulatory concerns. Known as a Bitcoin advocate, Tim Draper believes that both Libra and Bitcoin are special and should not be pressured by the governments - especially in the United States. When asked if the world is now in a post-Bitcoin environment, the billionaire investor argued that Bitcoin represented a true innovation from the cryptocurrency world. Tim Draper believes that Bitcoin will also be ultimately the tool that reshaped borders, finance and government power.
“I think all these other cryptos are bridges to where we have a Bitcoin environment,” he said.
Appearing in the unique trademark Bitcoin tie, Tim Draper believes that US regulators were too heavy-handed dealing with innovations like Bitcoin, blockchain and related fields - which is what he told CNBC. He did not say anything about other altcoins which might have been featured in our altcoin news section. When it comes to Libra, he said that there was no need to demand regulatory assurances before the product had even launched.
“We’re putting regulation before the innovation — Facebook’s just announced Libra; they haven’t even been able to ship it yet, and the regulators are all over them,” he continued.
Currently, many best cryptocurrency news sites explore the link between Libra and Bitcoin. At press time, Bitcoin looks stable and is trading more predictably after a turbulent week which saw a lot of price swings as the Congress debated a cryptocurrency policy. Tim Draper believes that there is lack of Bitcoin support against government. He is in a lot of interviews recently, talking about being a Bitcoin bull, his investments in the crypto space as well as his outlook on the future of the crypto space.
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Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law

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Facebook’s Head Of Blockchain announced that he expects the new crypto project to be governed by Swiss law since the European country is known for its friendly attitude towards crypto as we previously mentioned in the altcoin news. David Marcus, Facebook’s head of blockchain who has been a major enthusiast over the years, stated:
 “Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”
Marcus also explained that the association wants to register with the U.S. Treasury Department’s Financial Crimes Enforcement Network but it is still unclear why does Libra want to settle in Switzerland and not in the United States. The Laws in both countries have similarities. They both allow digital currencies and exchanges, they try to protect the citizens from extortion, money laundering or any kind of illicit activity, they both use their financial legislature to cover the digital currencies and are still trying to determine what exactly is the best regulation for this sector. One of the main differences between the countries is the attitude they have towards crypto. The United States is always looking at crypto with caution while Switzerland has always been welcoming and open. The Federal Assembly which is the legislative branch of the Swiss government voted in favor of the motion to be guided on the application of current laws towards crypto. Also, the country decided to regulate digital currencies within the framework of their existing laws so they do not have special laws for crypto and ICOs. They chose to be flexible and to govern the different types of currencies depending on each case. On the contrary, in the United States, the small business owners, corporations and legislators have been calling for clarity on crypto regulation for many years. In the meantime, President Donald Trump has shared his opinion that he does not find bitcoin as an asset that you should invest in. the US Treasury Secretary Steven Mnuchin spoke at the press conference which we reported about in the latest cryptocurrency news saying:
“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking … This is indeed a national security issue. I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”
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27 Libra Partners Pressured To Dump Facebook’s Crypto By Activists

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It seems like everyone is trying to kill Facebook's over-hyped Libra crypto project. In the coming altcoin news, we can see that 27 Libra partners are being pressured by four liberal activist groups which penned an open letter urging all of them to dump the Facebook cryptocurrency. After being bashed by the president Donald Trump and the US Congress, the Libra stablecoin which was expected to launch soon has hit a new roadblock. The foursome, as explained above, cited their fears over the social media monopoly and its feckless leadership. In a letter, they urged 27 Libra partners to dump the Facebook cryptocurrency. The four groups of liberal activists include the following:
  • Open Markets Institute, a think tank that opposes corporate monopolies
  • Public Citizen, a left-wing consumer-rights organization
  • Demand Progress Education Fund, an internet activist group
  • Revolving Door Project, an anti-Trump Democratic consortium
As their fiery missive shows, the quartet warned the 27 Libra partners to withdraw from the crypto initiative. Specifically, they noted that Facebook cannot be trusted and is trying to monopolize the budding digital money industry. More specifically, the latest cryptocurrency news show that activists state that Facebook wants to control the market - rather than use Libra to democratize financial services. The group says that Facebook is trying to fool the public with this and urges the 27 Libra partners to re-think their decision. As the letter states:
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”
In reality, Open Markets, Public Citizen, Demand Progress Education Fund and the Revolving Door Project say that Facebook merely wants to promote its own market dominance.“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear," the letter featured on many best cryptocurrency news sites reads. The quartet urged all 27 Libra partners to withdraw from the project before they become accomplices in what they describe a "sinister scheme led by Zuckerberg."
“We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful,” the letter concludes.
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