The United States Securities and Exchange Commission (SEC) has reached an agreement with the Tierion blockchain project to return funds to ICO participants and redeem the rewards of network miners.
Tierion investors can claim damages within 60 days of the judgment.
Tierion must immediately stop trading ERC-20 tokens on the Ethereum blockchain. He will pay a fine of $ 250,000 to the SEC.
The agreement with the regulator assumes the repurchase of 350 million TNT for 4,800 investors. The effective liquidation of a billion tokens.
The sale of TNT tokens started in July 2017 and was successfully completed within 24 hours. The campaign brought a total of $ 25 million to the project.
The regulator acknowledges that the symbolic sale had been made. Project officials did not admit, but neither did they deny the violation.
Developers can continue to use Chainpoint in their applications. The team now plans to move on to the next phase of network deployment.
Recall that on December 23, the SEC filed a complaint against Ripple. This caused the exclusion of XRP from the Bitwise 10 Crypto Index Fund and the suspension of token trading in Jump Trading and Galaxy Digital.
Ripple CEO Brad Garlinghouse called the actions of the US regulator a “terrible precedent” and vowed to defend the company in court.
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