US SEC Charges Bitcoiin2Gen ICO Masterminds

US SEC Charges Bitcoiin2Gen ICO Masterminds

An incident that happened during the 2017 Bitcoiin2Gen ICO mania has been revisited by the United States Securities and Exchange Commission (SEC).

The US SEC has filed charges against Kristijan Krstic, the founder of Bitcoiin2Gen and Start Options. These two fraud schemes were used to rake $11 M from retail investors.

History of the Bitcoiin2Gen ICO Scheme

The investment scheme was first promoted in the last quarter of the year 2017 by a certain John DeMarr.

The said person has also been charged to court. He advertised the investment scheme to U. S customers and squandered the funds gotten from the manipulative start options scheme. The scheme was disguised as being a digital asset trading and mining platform.

Furthermore, the accused personnel allegedly declared to the innocent U. S clients that the scheme was “the largest Bitcoin exchange in euro volume and liquidity” and “consistently rated the best and most secure Bitcoin exchange by independent news media.”

The scammers also sold Bitcoiin2Gen tokens in an ICO and generated $11 M. They assured their clients that the Bitcoiin2Gen ICO tokens will soon be listed for crypto exchange as soon as the platform is launched. They promised the platform will be launched in the last month of Q1 of 2018.

The Bitcoiin2Gen ICO token has other shady underlying faults. The perpetrators claimed it will be launched on the Ethereum blockchain and the funds will be used to develop a mineable coin firsthand.

However, the U. S SEC has rubbished all this claim on the Bitcoiin2Gen ICO and has labelled it a “total sham”.

Other SEC Fillings

The Bitcoiin2Gen ICO filing differs from the other notable SEC filings against ICO projects. This filing contained charging a social media content creator Robin Enos for allegedly creating contents that promotes the fraudulent scheme. 

In addition to charging the originators of the Bitcoiin2Gen ICO scheme, the SEC also fined another individual. Steven Seagal, an american actor was fined for hyping the coin and not openly confessing to receiving compensation in Bitcoiin2Gen tokens and cash. 

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