BitClave Investors Recover $4.6 Million In SEC Settlement Payout
The post BitClave Investors Recover $4.6 Million In SEC Settlement Payout appeared on BitcoinEthereumNews.com.
The checks for BitClave investors are now in the mail. With this short post on Twitter/X by the Securities and Exchange Commission (SEC), investors of the controversial 2017 ICO offering can now start collecting what is rightfully theirs. The $4.6 million check is for investors in BitClave’s 2017 ICO offering with unregistered digital assets securities. This approved settlement amount was agreed upon in 2020, and it’s only this November 20th that the agency has confirmed the availability of funds. After the standard Notice & Claims process, the qualified investors can now receive their portion of the BitClave Fair Fund. The checks are in the mail. We are sending out more than $4.6M to investors harmed by BitClave, PTE Ltd.’s unregistered ICO of digital asset securities. After a notice & claims process, investors will now be receiving their share of the BitClave Fair Fund. https://t.co/VSmrObLZUa pic.twitter.com/zUdHRkAoS2 — U.S. Securities and Exchange Commission (@SECGov) November 20, 2024 SEC Approves $4.6 Million Fund As Part Of Settlement According to document Release No. 101653, published on November 19, 2024, BitClave’s investors were paid out the $4.6 million amount. This document notes that the agency has set aside $4,614,679.81 to assist the affected investors. The settlement fund shall be sourced from the Fair Fund and transferred to its escrow account at the Huntington National Bank, N.A., for disposition and distribution. According to the SEC, the checks are now in transit, and funds will become available after the Notice & Claims procedures. An ICO With Unregistered Securities BitClave’s ICO in 2017 generated a lot of attention and excitement, raising $25.5 million in 32 seconds. The subject of the ICO was the Consumer Activity Token (CAT), which was later classified as an unregistered security. According to the SEC, thousands of investors were encouraged to invest in the…
Filed under: News - @ November 22, 2024 7:28 am