ICO issuer Gladius closed all operations according to the latest Telegram message coming a few months after the settling charges of selling unregistered security with the US Securities and Exchange Commission as previously reported in the blockchain news.
The Crypto startup Gladius Network was an unlicensed ICO issuer and according to the latest announcement, the Washington D.C-based company reached a settlement with the SEC back in February over the 2017 initial coin offerings. As a part of the settlement, Gladius was supposed to refund the investors who took participation in the $12.7 million sales. The regulator explained that it would not impose any penalty on the ICO issuer because the company reported the token sale itself.
As a part of the settlement, Gladius was required to file a registration statement in May this year according to the Wall Street Journal. The deadline got extended but it was unclear whether the company actually filed the statement:
“Despite our best efforts, the company no longer has funds to continue operations. We regret to inform you that Gladius Network LLC has ceased operations effective immediately.
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The company also plans to leave the code on GitHub for the next three months allowing anyone interested to work on their own version of the project. Gladius noted:
“We still believe in the power of our technology, and if anyone in the community is interested in pursuing it we welcome it.’’
Gladius started selling the GLA tokens in exchange for Ether back in October 2017 and aimed to incentivize the people to start using the network. The company raised more than 24,000 ETH when it completed the token sale in December the same year, according to a press release from the SEC. In November, the SEC charged two crypto startups CarrierEQ inc, also known as Airfox and Paragon Coin Inc, with violating the security registration requirements for the ICOs.
Both of the companies later agreed to register the ICOs as securities after settling the charges. The regulator said that Airfox and Paragon Coin are the first cases that impose civil penalties based on the securities offering registration violations as per the reports.
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