A California district court has ruled on the U.S. Securities and Exchange Commission's (SEC) lawsuit against a RussianICOBox token sale platform. The startup was ordered to pay the US regulator $ 16 million in compensation and fines.
SEC sues ICOBox last Septemberof the year. The regulator accused the company and its founder Nikolai Evdokimov of illegal placement of securities and unregistered activities as a broker-dealer.
According to the agency, ICOBox attracted throughtoken sale in 2017 of 14.6 million from more than 2,000 investors to develop a platform for ICO. The startup claimed that the price of ICOS tokens will rise in the future.
At the peak in January 2018, ICOS quotes exceeded $ 57 per coin, but since March last year, the token has been trading below $ 1.
CoinGecko Data
The regulator also accused ICOBox of assisting more than 30 clients with an ICO for a total of $ 650 million.
Neither startup nor Evdokim reacted tothe lawsuit filed by the SEC, and the court ruled against them in absentia. According to him, in a 14-day period, the founder of ICOBox must pay a civil fine in the amount of $ 192,768, and the company must pay the regulator $ 16 million.
Earlier, the SEC obliged startups BCOT and Enigma to return to investors the funds raised during the ICO - $ 13 million and $ 45 million, respectively. In addition, the regulator fined both ICO projects for six-figure amounts.
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