Home » SEC Seizes $1.26 Billion from Illegal ICOs in 2020

SEC Seizes $1.26 Billion from Illegal ICOs in 2020

news - SEC Seizes $1.26 Billion from Illegal ICOs in 2020

The US Securities and Exchange Commission (SEC) has seized over $4.68 billion in penalties, $1.26 billion of which are from illegally operated ICOs. Most of the ICO penalty is collected from messaging giant Telegram.

news - SEC Seizes $1.26 Billion from Illegal ICOs in 2020

The Enforcement Division Director Stephanie Avakian told that the SEC received judgments and orders totaling approximately $4.68 billion in penalties or disgorgement, which is the highest amount on record.

The bulk of the ICO penalties came from Telegram. The SEC filed an emergency lawsuit against the encrypted messaging giant Telegram for its sale of Gram tokens. The Russian firm was ordered to return $1.2 billion to investors and pay an $18.5 million fine.

This was one of the largest cases for the entire year. This payment by Telegram made up 26% of the entire amount collected by the SEC. However, the other seven cases include Kik, Bitclave, Shopin, NAC Foundation, Unikrn, Boon Tech, and Bitcoiin2Gen collected over $45 million.

 

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