Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»BITCOIN NEWS»BitClave investors recovered $4.6 million in SEC settlement.
BITCOIN NEWS

BitClave investors recovered $4.6 million in SEC settlement.

By Crypto FlexsNovember 22, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
BitClave investors recovered .6 million in SEC settlement.
Share
Facebook Twitter LinkedIn Pinterest Email

Checks for BitClave investors have now been mailed. Investors in the controversial 2017 ICO offering can now collect what is rightfully theirs, thanks to this short post on Twitter/X by the Securities and Exchange Commission (SEC). The $4.6 million check was for investors in BitClave’s 2017 ICO offering that used unregistered digital asset securities.

This approved settlement amount was agreed upon in 2020, and it was only on November 20th of this year that the agency confirmed the availability of funds. After a standard notification and claims process, eligible investors can now receive a portion of the BitClave Fair Fund.

The check came in the mail. We are paying more than $4.6 million to investors harmed by BitClave, PTE Ltd.’s unregistered ICO of digital asset securities. After going through the notification and claims process, investors will now receive their shares in the BitClave Fair Fund. https://t.co/VSmrObLZUa pic.twitter.com/zUdHRkAoS2

— U.S. Securities and Exchange Commission (@SECGov) November 20, 2024

SEC Approves $4.6 Million in Funding as Part of Settlement

According to Document Release No. 101653 published on November 19, 2024, BitClave’s investors were paid out $4.6 million. The document states that the agency has set aside $4,614,679.81 to support affected investors.

Funds from the settlement will be raised from equity funds and transferred to an escrow account at Huntington National Bank, N.A., for disposition and distribution. According to the SEC, the checks are currently in transit and the funds will be available once the notification and billing process is completed.

ICO using unregistered securities

In 2017, BitClave’s ICO generated a lot of interest and excitement, raising $25.5 million in 32 seconds. The subject of the ICO was Consumer Activity Tokens (CAT), which were later classified as unregistered securities. According to the SEC, thousands of investors were encouraged to invest in the tokens with the expectation that the price would rise.

Image: Bloomingbit

Under terms of the settlement, the company will refund the money raised and pay $4 million in interest and penalties. In the settlement, John Deaton accused the SEC of relying on a law introduced in 1933.

Currently, the overall cryptocurrency market capitalization is $3.18 trillion. Chart: TradingView

As a result, the agency established an equity fund to ensure that affected investors receive a share of the proceeds. The SEC has begun filing claims, with filings due in August 2023. Eligible investors received notices in March 2024.

BitClave asked me to destroy my tokens and pay a fine.

As part of the settlement, BitClave promised to return $29 million, including $4 million in fines and $25.5 million raised during the ICO. The company also promised to delist and burn all coins not issued on cryptocurrency exchanges.

In February 2024, the SEC reported that the cryptocurrency industry had delivered only $12 million to the Fair Fund, but failed to deliver that amount, leaving $7.4 million in uncertainty. The agency and fund manager did not provide any additional comment on how the remaining funds would be recovered.

Featured image of DALL-E, chart by TradingView

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Apple, X, Airbnb Eye Stablecoin Integration

June 7, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025

Bitcoin Is An Unreplicable Lifeline In Authoritarian Regimes

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

TEZOS promotes scaling efforts by activating data soluble layers.

June 7, 2025

It shows a graphite network. Tesla is nothing without trust because Tesla’s Tesla spent $ 150 billion after Musk and Trump’s fallout.

June 7, 2025

The merchant warns that Bitcoin is in ‘cancer price behavior’.

June 7, 2025

Is Bitcoin Price Rally $ 150K by the end of the year?

June 7, 2025

How does it affect Bitcoin?

June 7, 2025

Gala Games introduces a step -by -step approach to founder node staking.

June 7, 2025

AB starts in binance

June 7, 2025

ETF publisher’s latest warning -SEC’s approval process ‘Innovation, AIDS GIANTS’

June 7, 2025

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025

$ AB is live on Binance, guiding the new era of new cross chain asset mobility.

June 7, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

TEZOS promotes scaling efforts by activating data soluble layers.

June 7, 2025

It shows a graphite network. Tesla is nothing without trust because Tesla’s Tesla spent $ 150 billion after Musk and Trump’s fallout.

June 7, 2025

The merchant warns that Bitcoin is in ‘cancer price behavior’.

June 7, 2025
Most Popular

Bitcoin Blockchain’s World’s First ICO Nears Final 48 Hours – Blockchain News, Opinion, TV & Jobs

March 14, 2024

TRADER says that Real-World Asset (RWA) tokens look better than most of the Crypto market. His best choice is:

February 15, 2025

Is altcoin season approaching? Analyst Predicts Ethereum Breakout That Will Start Rally.

May 16, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.