CryptocurrenciesICOs

Cardano Reveals Imminent Update, Poloniex Plans $13.5 Million Refund, and SEC Files Emergency Suit Against Veritaseum

By August 14, 2019 No Comments

This article was originally published here.


 

Cardano Update Imminent

Cardano creator Charles Hoskinson says the smart contract platform will implement a major upgrade in a matter of days.

Version 1.6 includes a long list of bug fixes and improvements, including an overhaul of Cardano’s crypto wallet Daedalus.

Poloniex Plans Reimbursement

Cryptocurrency exchange Poloniex says it will fully reimburse customers affected by the fallout from a recent flash crash.

The crash happened back in May when a crypto asset called Clams (CLAM) plunged nearly 80% in a matter of minutes. The force of the crash triggered an error in the company’s automated liquidation system, leaving margin traders with losses of around 1,800 BTC, which was worth $13.5 million at the time.

“Our work to make customers whole isn’t limited to our first payment or this new step of crediting trading fees. We are actively pursuing other strategies, and will update you when we can.

We understand how upset customers are with this loss and we appreciate your patience. In addition to being committed to making you whole, we remain dedicated to earning back your trust.”

The SEC Sues Veritaseum

The U.S. Securities and Exchange Commission says it’s filing an emergency lawsuit against the Ethereum-based peer-to-peer capital markets platform Veritaseum.

The agency says the company knowingly misled investors during its initial coin offering. The filing is designed to freeze the assets of Veritaseum and its CEO Reggie Middleton.

“Among other things, Defendants knowingly misled investors about their prior business venture and the use of offering proceeds; touted outsized—but fictitious—investor demand for VERI; and claimed to have a product ready to generate millions of dollars of revenue, when no such product existed; placed a series of manipulative trades in VERI Tokens to increase their price and to induce investors to buy more tokens; and misappropriated investor assets beginning during the ICO phase of the offering.”

According to the SEC, Veritaseum has about $8 million of investor funds remaining from its $14.8 million ICO.

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