The US Securities and Exchange Commission (SEC) has allocated $4.6 million to investors of BitClave's 2017 ICO following unresolved fund issues. The distribution is part of the BitClave Fair Fund created after a settlement in 2020. BitClave ceased operations in 2020 due to SEC legal action for alleged securities law violations during the ICO. Despite raising $25.5 million in 32 seconds during the 2017 ICO frenzy, the SEC accused BitClave of an unregistered securities sale in 2020. BitClave settled without admission of guilt, agreeing to return the raised funds and pay $4 million in interest and penalties. The Fair Fund aimed to compensate affected investors, with claims due by August 2023. However, discrepancies in fund amounts and disbursements, including $7.4 million, remain unresolved. The SEC and fund administrator have not commented on the issue, emphasizing the regulatory scrutiny on ICOs and investor protection. Read more AI-generated news on: https://app.chaingpt.org/news

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