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tldr; Artak Hamazaspyan, the CEO of Beaxy, has been targeted by the US Securities and Exchange Commission (SEC) over alleged securities fraud among other things. The SEC argues that he raised $8 million from BXY, the cryptocurrency exchange’s native token, and used at least $900,000 of the funds for various personal uses. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
It is Beaxy... Never heard of it. "The founder of Beaxy, Artak Hamazaspyan, and his company, Beaxy Digital Ltd., are accused by the SEC of conducting an unregistered offering of the beaxy token (BXY) and misappropriating $900,000 for personal use, according to the SEC, including gambling."
tldr; The US Securities and Exchange Commission (SEC) has filed a lawsuit against the Beaxy exchange, shutting down its operations. The regulator alleges that Beaxy operated without registering as a national securities exchange, broker, or clearing agency. The SEC charged Beaxy with raising $8 million through the unregistered offering of its native token, BXY. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The US Securities and Exchange Commission (SEC) has charged cryptocurrency trading platform Beaxy.com and several executives and related entities for failing to register as an exchange, a clearing agency and a broker. Founder Artak Hamazaspyan and a company he controlled raised $8 million in an unregistered offering of the Beaxy token (BXY), and misappropriated at least $900,000 for personal use, the SEC said. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Did you miss the post earlier today? There was someone that posted as a r/cc user who was getting sued by the SEC for $1.5 million for being an unregistered broker dealer for BXY securities offering.
Acted as unregistered broker-dealers and conducted an unregistered offering of BXY tokens, illegally raising at least $1.5 million in proceeds from approximately 100 individuals, many of whom had no experience investing in crypto assets. Get fucked bro.
*SEC alleges that each of the defendants made materially false and misleading statements in the offer, purchase, and/or sale of BXY tokens, including about the custody and delivery of BXY, the markup charged by CCC, the delivery of account statements, CCC's liquidation of an investor's BXY, their personal investments in BXY, and the financial and management problems occurring at BXY's issuer, Beaxy Digital Ltd., in late 2019. As a result of this alleged fraud, the SEC alleges that some of these investors never received their BXY tokens, and all those who invested paid an undisclosed markup on their BXY tokens* So OPs 'friends and family' are 100 individuals who weren't informed about custody, delivery, mark up, OPs personal investment in the token and problems issuer was expiriencing. Plus some didn't even receive the token
tldr; The Securities and Exchange Commission has filed a lawsuit against Chicago Crypto Capital for allegedly defrauding investors of $1.5 million by issuing unregistered BXY tokens during the 2018 ICO boom. The lawsuit also named CCC’s owner, Brian Amoah, and two salesmen, Oliver Young and Elbert Elliot, as unregistered broker-dealers. Some investors claimed they never received the tokens. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Some terrible choices include CHX, SWM, SLT, BXY, and just a whole bunch more.