The SEC has obtained a judgment against the Ormeus Coin project founders.

The siblings behind the project were fined $46 million for the token.

The charges of fraud and conspiracy were presented last year.

The judgment marks a significant crackdown by the SEC on crypto fraud.

The SEC has repeatedly warned investors about the risks of investing in digital assets.

The case highlights the importance of conducting thorough due diligence before investing in any cryptocurrency project.

Ormeus Coin Founders Fined $46 Million for Orchestrating Massive Crypto Fraud Scheme

The United States Securities and Exchange Commission (SEC) recently obtained a judgment against John and Tina Barksdale, the founders of the Ormeus Coin project, for conducting a crypto fraud scheme via the token. The siblings were fined $46 million, given permanent injunctions, and disgorgement with interest. In this article, we delve into the details of the case and what it means for the crypto industry.

Overview of the Ormeus Coin Project

The Ormeus Coin project claimed to be "a new digital money system backed by a fully-audited industrial crypto-mining operation." The cryptocurrency also operated on Ethereum, but there hasn't been much to show for it in terms of development. The project raised tens of millions of dollars from June 2017 to March 2022, according to the SEC complaint.

Details of the Fraud Scheme

The SEC complaint alleged that the siblings conducted two unregistered fraudulent offerings of securities, running a multi-level marketing business called Ormeus Global, which involved selling subscription packages that involved the token. To promote the offerings, John Barksdale held roadshows around the world while he and his sister, Tina, led the production of social media posts, YouTube videos, press releases, and other promotional materials. The token falsely claimed that it was supported by one of the world's largest crypto asset mining operations, which the siblings also claimed. The SEC noted that false information was provided regarding this supposed relationship.

Charges and Conclusion of the Case

The case first came to light in 2022 when the United States Department of Justice published a press release detailing the case on March 8, 2022. The charges listed back then were related to conspiracy, securities fraud, and wire fraud. The Ormeus Coin project case made a lot of news when it first came out, and there may be more news yet.

Takeaways

The Ormeus Coin project case is a stark reminder of the importance of conducting due diligence before investing in any cryptocurrency project. Investors must be wary of schemes that promise quick and massive returns, especially when they involve multi-level marketing. The SEC's crackdown on fraudulent crypto schemes shows that it is committed to protecting investors and the integrity of the market.

Conclusion

The SEC's judgment against the founders of the Ormeus Coin project is a significant development in the fight against crypto fraud. The case highlights the importance of investor protection and due diligence, especially in the highly speculative and unregulated crypto market. The Ormeus Coin project case may be just the tip of the iceberg, as the SEC continues to investigate fraudulent crypto schemes and hold their perpetrators accountable.

Hey, it's CryptoPatel here!

I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.

If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.

Thank you for your support, and let's continue to stay connected for more exciting content!

LIKE ❤️

Share ⏩

Follow 🤝

#Binance #crypto2023 #BTC #GPT-4 #bicasso

Binance has officially launched Binance Bicasso, an AI NFT generator that enables users to create unique artwork with images or text and mint their creations as NFTs on the Binance Chain.

Binance Bicasso will be available from March 29, 2023, at 12:00 (UTC) to March 30, 2023, at 00:00 (UTC). Eligible users can mint one NFT each with Binance Bicasso on a first-come, first-served basis during this time. It’s important to note that only 100,000 NFTs are available for this iteration. More NFT minting events with Binance Bicasso will be announced in the future.

@azcoinnews

Binance has also introduced the “Exclusive Bicasso” NFT Collection to celebrate the global launch of Binance Bicasso. To qualify for an “Exclusive Bicasso” NFT, users can invite their friends to sign up with Binance from March 27, 2023, at 12:00 (UTC) to March 29, 2023, at 01:00 (UTC) and receive one participation ticket per successful referral.

All participation tickets will enter a pool, where each ticket has a fair chance of being selected. The system will then select tickets from all committed participation tickets in a fair and square manner, where a selected ticket allows the user to receive one of the 500 NFTs available in this NFT collection.

Binance users can visit the Binance Bicasso page and click “Invite” to share their unique referral link with their friends during the Promotion Period. To withdraw NFTs minted with Binance Bicasso, users must complete account verification. Users can find their NFTs via Binance NFT Marketplace > My NFTs > Collected.

“Exclusive Bicasso” NFT holders will be guaranteed one free minting opportunity at Binance Bicasso’s inaugural global NFT minting event from March 29, 2023, at 12:00 (UTC) to March 30, 2023, at 00:00 (UTC). Additionally, “Exclusive Bicasso” NFT holders will be granted the opportunity to participate in the beta testing for Binance products, enjoying early access to new products and upcoming features on Binance.

However, the NFTs from the “Exclusive Bicasso” NFT Collection are non-tradable and non-withdrawable. Binance reserves the right to disqualify and revoke rewards for participants who engage in dishonest or abusive activities during this Promotion, including bulk-account registrations to farm additional rewards and any other activity in connection with unlawful, fraudulent, or harmful purposes.

Overall, Binance Bicasso presents a unique opportunity for users to create and mint NFTs on the Binance Chain, with additional incentives provided through the “Exclusive Bicasso” NFT Collection. Stay tuned for more updates and announcements from Binance regarding Binance Bicasso.

#bicasso #Binance #crypto2023 #NFT #azcoinnews

This article was republished from azcoinnews.com

Biconomy — это протокол многоцепной ретрансляции, целью которого является улучшение взаимодействия пользователей и транзакций в децентрализованных приложениях (DApps). Заявленная цель проекта — сделать продукты web3 такими же интуитивно понятными и простыми в использовании, как продукты web2.
Biconomy фокусируется на управлении транзакциями и оптимизации газа и может снизить затраты на газ до 40%. Для достижения этой цели протокол использует метатранзакции, позволяя пользователям отправлять транзакции с нулевым газом и заставляя третью сторону оплачивать комиссию за транзакцию для пользователя. Предоставляя некапиталистическую и экономичную сеть ретрансляционной инфраструктуры, Biconomy может сделать это в большом масштабе.
🛠️ Что по техничке?
Монета появилась в самом начале медвежьего рынка, поэтому неудивительно что ее ушатали на -97%.По RSI на недельном тайм-фрейме монета в нейтральной зоне (61). В диапазоне 0,2-0,3$ в монету начал заходить огромный объем - верный знак что скоро здесь будет ракета. Цена уже закрепилась над всеми краткосрочными EMA, поэтому покупать можно даже по текущим в инвест.

💼 Покупка BICO в среднесрочный портфель.
🔎 Тикер: $BICO
📊Цена входа: 0,57$
🛡️ Стоп-лосс: сделку лучше брать без стопа в инвест
💼 Объем на сделку: до 2% от крипто-портфеля.
🎯 Цели: 1$; 2,5$; 5,7$.
📈 Потенциал роста сделки: до 1100%.
Среднесрочный портфель обгонит по доходности любую стратегию трейдинга, поэтому я тщательно собираю портфель. В нем я делаю ставку на крипту, сырье и металлы. Впереди пачка новых идей с большим потенциалом, подпишись 🚀

#TrendingTopic #Altcoins2024 #BICO #Biconomy #bicasso