The US Securities and Exchange Commission (SEC) has reached a settlement with the Tierion blockchain project on the return of funds to initial coin offering (ICO) investors as the project violated securities laws.
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According to an announcement, TNT investors can request compensation for losses within 60 days of the judgment. The company says the settlement and waiver allows Tierion to complete the retirement of the TNT token, and "to move forward without a heavy regulatory burden." Tierion will also pay the SEC $250,000 in penalties.
This announcement does not impact the availability of Tierion’s current products or open-source software. The company must repay 350 million TNT for 4,800 investors and liquidate 1 billion tokens.
The TNT token sale started in July 2017 and ended in a day after the company raised $25 million. Node operators can sell the TNT received to the project for $0.0001 and charge interest.
The watchdog also recently sued a 23-year-old Australian hedge fund founder for defrauding investors in his multi-million crypto arbitrage fund. The SEC wants US Judge Lorna Schofield to order freezing $25 million in cryptocurrencies held by another Qin's fund.
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