The US SEC has charged crypto influencer Ian Balina and ordered unregistered crypto firm Sparkster to pay $35 million to harmed investors. cryptocurrency
SEC Orders Crypto Firm to Pay Harmed Investors $35 Million — Charges Influencer Ian Balina
The SEC explained that “by offering and selling crypto asset securities called SPRK tokens” to raise money to develop Sparkster’s software platform:They told investors that SPRK tokens would increase in value, promising to make the tokens available on a crypto trading platform. The SEC explained that Balina purchased $5 million worth of SPRK crypto tokens and promoted them on Youtube, Telegram, and other social media platforms from approximately May to July 2018. The regulator elaborated:
The crypto influencer also allegedly organized an investing pool of at least 50 individuals to whom he offered and sold the unregistered tokens, the securities watchdog noted.
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