Over the past 2 years, investors in Initial Coin Offerings such as Kik have lost millions, perhaps even billions. As what might go down as one of the largest scams in US history, the end of the line for many ICOs and their crytocurrency founders may be coming near.
The USA Herald is initiating coverage of the SEC lawsuit against Kik and will continue coverage of other ICOs such as Shipchain, where investors have taken to the internet to complain of lost funds. In Shipchain’s case, the co-founder and Chief Compliance Officer, Aaron Kelly, is also on probation with the Arizona Bar.
According to sources, over the next 2-3 years there will be a series of government actions against ICOs by the Securities Exchange Commission. The initial series of actions targeted a few of the outright ICO scams, however going forward the series of actions will increase and will include disgorgement of all proceeds and fines. Also it is believed that the Department of Justice is involved and will bring actions forward as well.
