The Texas State Securities Board said yesterday that it entered an Emergency Cease and Desist Order to halt the multiple investment programs operated by BitConnect, an overseas company that claims a market share of $4.1 billion for its cryptocurrency coins. BitConnect’s investor solicitations promise returns of over 100 percent, the TSSB said, for BitConnect’s own proprietary cryptocurrency, called BitConnect Coins, or BCC. The enforcement action follows BitConnect’s recent announcement that it would hold an ICO early next week. “BitConnect has disclosed virtually nothing about its principals, financial condition, or strategies for earning profits for investors. It has not provided a physical address in England,” the TSSB said in its statement.
$4 Billion Crypto-Promoter Ordered to Halt Fraudulent Sales
by David Zaslowsky 1 Min Read
Author David Zaslowsky
David Zaslowsky has a degree in computer science and, before going to Yale Law School, was a computer programmer. His practice focuses on international litigation and arbitration. He has been involved in cases in trial and appellate courts across the United States and before arbitral institutions around the world. Many of David’s cases, including some patent cases, have related to technology. David has been included in Chambers for his expertise in international arbitration. He is the editor of the firm's blockchain blog.