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Initial Coin Offerings Under Scrutiny As SEC Shuts Down PlexCorp Operations



Initial Coin Offerings Under Scrutiny As SEC Shuts Down PlexCorp Operations

The Securities and Exchange Commission has swung into action and frozen the assets of Canadian crypto company PlexCorp. The agency has consequently charged the company’s founders for violating securities laws by selling up to $15 million in a fraudulent Initial Coin Offering.

PlexCorp Shutdown

The agency in a statement accuses Dominic Lacroix and Sabrina Paradis-Royer, of defrauding unknowing investors by falsely promising big profits on taking part in the ICO. The two allegedly used PlexCoins, the company’s cryptocurrency, to defraud would-be investors hoping to cash in on the frenzy around Initial Coin Offerings.

“This first cyber unit case hits all of the characteristics of a full-fledged cyber scam and is exactly the kind of misconduct the unit will be pursuing. We acted quickly to protect retail investors from this initial coin offering’s false promises,” said SEC Chief of cyber unit, Robert Cohen.

This is not the first time that PlexCorp has come under scrutiny from regulators. The Quebec Financial Markets Administrative Tribunal scrutinized the business and eventually banned it over fraudulent claims. Quebec Superior Court has since declared the company and its founders of being in contempt of court.

Prior to the SEC investigation, PlexCoins just like other cryptocurrencies was on an impressive run. Ever since the company’s assets were frozen and the co-founders charged, the cryptocurrency has taken a dip and continues to hit lower lows.

While price decline is a point of concern, trading platforms that had listed the Cryptocurrencies Initial Coin Offerings could find themselves in trouble with regulators. Some of the exchanges that could come under scrutiny include EtherDelta, Cryptopia, and CoinExchange.

ICO Scrutiny

The crackdown on PlexCorp affirms regulators growing scrutiny in a sector that continues to thrive under minimum regulatory scrutiny. In September, the SEC charged a diamond and a real estate initial coin offering for defrauding investors.

The growing popularity of cryptocurrencies has led to an increase in Initial Coin Offerings as companies venture into the space to raise funds. Companies have used ICO’s to raise $3 billion in capital this year alone. Amidst the growth, experts have warned that such offerings could present several dangers to unsuspecting investors as regulations needed to prevent scammers are loose.

In a bid to protect investors amidst the growing popularity of cryptocurrencies, the SEC has formed a new cyber unit that will focus on initial coin offerings. It awaits to be seen which other ICOs will come under scrutiny as the unit swings into action.

We will be updating our subscribers as soon as we know more. For the latest cryptocurrency news, sign up below!

Image courtesy of Thierry Ehrmann via Flickr

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.


XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange



Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited ( ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub ( ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata



Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub ( will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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My Crypto Heroes Announces Issuance of MCH Governance Token



Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

During December 2020 the first governance…

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