The U.S. Securities and Exchange Commission (SEC) settled charges with crypto exchange Bitqyck and its founders, alleging that they committed fraud with two different token sales. According to a press release Thursday, Bitqyck founders Bruce Bise and Sam Mendez raised $13 million by selling Bitqy and BitqyM tokens to more than 13,000 investors in “unregistered securities offerings.” The SEC alleged that the defendants told investors that Bitqy tokens would provide fractional shares of Bitqyck stock through a smart contract, while BitqyM tokens would provide investors interest in a crypto mining facility. The SEC also ... (full story)

The Securities and Exchange Commission today announced settled charges with Bitqyck Inc. and its founders, who allegedly defrauded investors in securities offerings of two digital assets, Bitqy and BitqyM, and operated an unregistered exchange to permit trading in one of them, a digital token called Bitqy. According to the SEC’s complaint, Bitqyck and founders Bruce Bise and Sam Mendez created and sold Bitqy and BitqyM in unregistered securities offerings to more than 13,000 investors, raising more than $13 million. Investors allegedly received $4.5 million for referring new investors to Bitqyck but collectively lost ... (full story)