SEC Says Blockchain Biz Made Unregistered $16.5M Offering

By Katryna Perera (August 17, 2022, 5:52 PM EDT) — The U.S. Securities and Exchange Commission has sued a blockchain platform and its founder for allegedly raising $16.5 million through the sale of unregistered crypto asset securities to more than 5,000 investors in the U.S.

In a complaint filed Tuesday in Washington federal court, the SEC said Dragonchain Inc., its founder Joseph J. Roets and two related entities illegally sold a crypto asset called a “Dragon” and used the $16 million in profits to develop a blockchain technology.

According to the complaint, Dragonchain offered and sold Dragon tokens online through social media and other methods, including retaining and using crypto influencers…

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