2017 ICOs aren’t over yet: SEC files suit against Dragonchain and its founder
2022.08.17 15:29
2017 ICOs aren’t over yet: SEC files suit against Dragonchain and its founder
The United States Securities and Exchange Commission, or SEC, has filed a complaint related to a 2017 initial coin offering from a blockchain project originally developed by the Walt Disney Company (NYSE:DIS).
In a Tuesday notice, the SEC said it had charged Dragonchain, the Dragonchain Foundation, the Dragon Company, and their founder John Joseph Roets for raising $16.5 million in a presale and initial coin offering from 2017. According to the financial regulator, Roets, Dragonchain, and the Dragonchain Foundation allegedly conducted an unregistered offering of the blockchain’s DRGN tokens in an August 2017 presale and an October and November 2017 ICO, raising $14 million. All three entities and their founder also allegedly sold $2.5 million worth of DRGNs “to cover business expenditures to further develop and market Dragonchain technology” from 2019 to 2022.
