Cardano founder (ADA): The EOS project will be legally punished by the SEC
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Answer Cardano founder (ADA): The EOS project will be legally punished by the SEC
The founder of the Cardano project (ADA), Charles Hoskinson, stated that the EOS project will face a campaign from regulators, especially by the US Securities and Exchange Commission (SEC), regarding the initial offering of the project, which was able to raise 4 billion dollars.
Charles described the EOS ICO as scandalous, and predicted that some punitive steps would be taken against Block.One in the process of all contributions and funds.
Charles explained that the mass sale of EOS tokens made many violations against financial activities that harm the interests of investors in the United States of America, and therefore he believes that they will be punished soon.
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The founder of the Cardano project (ADA), the EOS IPO process included many fundamental and legal errors, in addition to the disrespect of the project for investors in Charles’ view, and added that the US Securities and Exchange Commission needs to take a regulatory decision on this.
EOS Initial Public Offering Process
It is worth noting that the EOS project raised more than 4 billion dollars through the initial offering (ICO) process that was launched last year, and the process lasted for a whole year, which made it the first in terms of raising funds in the cryptocurrency industry.
But the EOS project has had several problems in the past months, the first of which is the chaotic launch of the Mainnet. Later that month, hackers managed to gain access to EOS users’ data and send them fraudulent emails.
Note that both EOS Network and Cardano Network are blockchain-based platforms designed to provide a base layer for developers to build decentralized applications (dApps) that can be used by regular users.
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The Cardano project was able to raise $63 million in the ICO stage, at the end of 2016. Charles stated that he did not believe that the project would face any legal problems as the ICO process targeted Chinese, Korean and Japanese investors and was carried out in accordance with local financial regulations.
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