{"id":11971,"date":"2024-11-24T04:21:08","date_gmt":"2024-11-24T04:21:08","guid":{"rendered":"https:\/\/cryptd.in\/sec-approves-4-6m-payment-to-investors-affected-by-bitclaves-crypto-ico\/"},"modified":"2024-11-24T04:21:08","modified_gmt":"2024-11-24T04:21:08","slug":"sec-approves-4-6m-payment-to-investors-affected-by-bitclaves-crypto-ico","status":"publish","type":"post","link":"https:\/\/cryptd.in\/it\/sec-approves-4-6m-payment-to-investors-affected-by-bitclaves-crypto-ico\/","title":{"rendered":"SEC Approves $4.6M Payment to Investors Affected by BitClave\u2019s Crypto ICO"},"content":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has confirmed the distribution of over $4.6 million to investors impacted by the unregistered initial coin offering (ICO) of blockchain startup BitClave.<\/p>\n<p>The funds will be paid out from the BitClave Fair Fund following a notice and claims process.<\/p>\n<h2>BitClave\u2019s $29 Million ICO Settlement<\/h2>\n<p>\u201cThe checks are in the mail. We are sending out more than $4.6M to investors harmed by BitClave, PTE Ltd.\u2019s unregistered ICO of digital asset securities,\u201d the SEC shared in a <a href=\"https:\/\/x.com\/SECGov\/status\/1859325620364206264\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">posta<\/a> on X.<\/p>\n<p>BitClave was a blockchain-based startup that wanted to change the digital advertising industry by creating a decentralized search engine that would eliminate intermediaries like Google AdWords, allowing businesses to connect directly with consumers.<\/p>\n<p>To raise funds, the project launched an ICO in 2017, selling its native Consumer Activity Token (CAT). The event was a massive success, reportedly raising more than $25 million from nearly 9,500 investors in less than a minute.<\/p>\n<p>However, BitClave\u2019s dream soon crumbled to dust when, in 2020, the SEC sued the project, alleging its ICO had violated federal securities laws. The company subsequently <a href=\"https:\/\/cryptopotato.com\/blockchain-firm-bitclave-agrees-to-pay-almost-30-million-following-sec-charges\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">settled<\/a> the charges, agreeing to pay back all the money raised but not admitting wrongdoing.<\/p>\n<p>Adding interest and penalties, the amount due to the SEC was about $29 million, earmarked to be returned to investors.<\/p>\n<h2>Notice and Claims Process<\/h2>\n<p>On December 1, 2022, the agency\u2019s Division of Enforcement published a Notice of Proposed Plan of Distribution for the Fair Fund. It approved the proposal, which included a detailed methodology for distributing the fund and any accrued interest to investors, on February 9, 2023.<\/p>\n<p>Investors eligible for compensation were required to submit claims by August 2023, and the SEC notified them of the acceptance or denial of their claims in March 2024.<\/p>\n<p>Following the fund administrator\u2019s submission of a payment file, the SEC reviewed and accepted it. According to the latest <a href=\"https:\/\/www.sec.gov\/files\/litigation\/admin\/2024\/34-101653.pdf\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">archiviazione<\/a>, the regulatory body has authorized the transfer of $4.6 million from the Fair Fund to an escrow account, which will be distributed according to the approved plan.<\/p>\n<p>Interestingly, while BitClave committed to paying $29 million to the SEC\u2019s fund as part of the settlement, the company had apparently paid only $12 million. The money set to be released by the regulator means there will still be another $7.4 million remaining, and there is no current information about what will happen to it.<\/p>\n<p>Il post <a href=\"https:\/\/cryptopotato.com\/sec-approves-4-6m-payment-to-investors-affected-by-bitclaves-crypto-ico\/\" rel=\"nofollow\">SEC Approves $4.6M Payment to Investors Affected by BitClave\u2019s Crypto ICO<\/a> \u00e8 apparso per la prima volta su <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">Criptopatate<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has confirmed the distribution of over $4.6 million to investors impacted by the unregistered initial coin offering (ICO) of blockchain startup BitClave. The funds will be paid out from the BitClave Fair Fund following a notice and claims process. BitClave\u2019s $29 Million ICO Settlement \u201cThe checks are in [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":11972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Approves $4.6M Payment to Investors Affected by BitClave\u2019s Crypto ICO - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/it\/sec-approves-4-6m-payment-to-investors-affected-by-bitclaves-crypto-ico\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Approves $4.6M Payment to Investors Affected by BitClave\u2019s Crypto ICO - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"The U.S. Securities and Exchange Commission (SEC) has confirmed the distribution of over $4.6 million to investors impacted by the unregistered initial coin offering (ICO) of blockchain startup BitClave. The funds will be paid out from the BitClave Fair Fund following a notice and claims process. 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