The California District Court ruled on a lawsuit by the US Securities and Exchange Commission (SEC) against the Russian token sale platform ICOBox. The startup was ordered to pay the US regulator $ 16 million in compensation and fines.
SEC sued ICOBox last September. The regulator accused the company and its founder Nikolai Evdokimov of illegal placement of securities and unregistered activities as a broker-dealer.
According to the agency, ICOBox attracted through token sale in 2017 14.6 million from more than 2,000 investors to develop a platform for ICO. The startup claimed that the price of ICOS tokens will rise in the future.
At the peak in January 2018, ICOS quotes exceeded $ 57 per coin, but since March last year, the token has been trading below $ 1.
CoinGecko Data
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The regulator also accused ICOBox of assisting more than 30 clients with an ICO for a total of $ 650 million.
Neither the startup, nor Evdokim reacted to the lawsuit filed by the SEC, and the court issued a decision in absentia in relation to them. According to him, in a 14-day period, the founder of ICOBox must pay a civil fine in the amount of $ 192,768, and the company must pay the regulator $ 16 million.
Earlier, the SEC obliged startups BCOT and Enigma to return to investors the funds collected during the ICO – $ 13 million and $ 45 million, respectively. In addition, the regulator fined both ICO projects for six-figure amounts.
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