U.S. Court sent an emergency order to the SEC to discontinue Blockvest's ICO in connection with investors' misinformation.
The U.S. Securities and Exchange Commission froze the assets of Blockvest LLC and its founder Reginald Buddy Ringgold III and began a lawsuit against the company.
According to the SEC, Blockvest positions itself as “licensed and regulated”, although in fact the ICO has not been confirmed by SEC.
In addition, Ringgold has created the “Blockchain Exchange Commission” fake regulatory organization. It was argued that this organization gave Blockvest regulatory approval.
Blockvest positioned itself as a new decentralized exchange for crypto assets, as well as a crypto index fund that tracks 30 top cryptocurrencies.
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