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The U.S. Securities and Exchange Commission on Thursday accused cryptocurrency startup Crowd Machine Inc. and its Australian founder of defrauding investors by putting proceeds from an initial coin offering toward gold mining in South Africa rather than developing a new technology as was promised.
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Australian Craig Derel Sproule on the grounds that his company was involved in a
He misled investors about how he was going to use the funds from a $41 million initial coin offering four years ago.
The U.S. Securities and Exchange Commission on Thursday accused cryptocurrency startup Crowd Machine Inc. and its Australian founder of defrauding investors by putting proceeds from an initial coin offering toward gold mining in South Africa rather than developing a new technology as was promised.
Crypto company Crowd Computer is the subject of a complaint from the SEC alleging the company sold unregistered securities to Americans in 2018 when it performed the CMCT ICO.