BitClave winds up with a SEC settlement greater than the amount raised in its public ICO
Quick Take
- The SEC’s settlement over BitClave ICO was publicly filed on May 28, 2020
- The Order describes an offering with all of the hallmarks of an unregistered securities offering
- Soon after raising $25 million, BitClave became involved in expensive and protracted litigation with a cofounder over the use and disposition of those funds
- The lawsuit led to a judgment in BitClave’s favor in an amount in excess of $12 million, but was a factor in the company deciding to abandon the business
- The SEC order imposed financial sanctions that appear to be greater than the amount raised in the public portion of the ICO
A breakdown of the settlement struck between BitClave and the SEC over the former's ICO.
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