There is a story going around on steemit based on an interview the founder of the Arise Bank ICO did yesterday. In the interview he stated that he and his work colleagues had been raided by the SEC and FBI. Interested? Check it out on You Tube:
The interview can be found here:
And see a few of the steemit reports here:
But importantly, I am wondering if anyone knows whether this story has been told anywhere outside steemit? Has it been picked up by mainstream media outlets? I have conducted an initial search and not been able to find anything yet (but I have now been offline for a few hours).
I am curious about the mainstream media's pickup of the story for a few reasons. If it's true:
- Government intervention in crypto has been newsworthy in the past - there are stories about police raiding crypto exchanges in South Korea and other countries, for example. Why is it not newsworthy now?
- This has huge implications for the decentralisation agenda of many crypto tokens
- As I understand it, the SEC has reportedly confiscated the crypto equivalent of nearly $1Billion USD raised through the ICO so far (and yes, they have the passwords). On what legal basis were the raids conducted? Will the Arise Coins (ACOs) be distributed? If not, what will happen to the funds? Will they be returned to the investors who participated in the ICO? When ? How?
- Noting that investors from outside the US have been caught up in this (ie non-citizens), what are their legal rights? Are they materially different from the rights of US investors?
- How will the raids (and aftermath) effect other crypto currencies?
- It seems that many of the questions surrounding crypto currencies, including their legal status, may be answered far sooner than expected (at least in the US jurisdiction).
- Again, if it's true, HOW IS THIS NOT A STORY?
Let me know if you hear anything!
Photo - screenshot of the Arise Coin (ACO) symbol.
American Banker has published an article on Arise Bank. They appear to have spoken with the SEC, but there is no confirmation on the raids other than the radio interview.
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My reading of the article regarding initial claims in press releases and then revised later press releases on where they are in the process of FDIC approval gives the impression that there would be enough evidence just there for fraudulent capital raises based on false and misleading information.
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A press release should be coming from the team soon. I've been in discussion with their telegram admins since the news broke.
Ill post more info as I get it!
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@drwom I expect we will see more situations of this happening this year. I think this year will be year of government interference of the crypto sphere. It's sad , but ultimately it might be good , but also bad. thanks for sharing
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What in the world is going on?
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hey are working hard to come above the attacks
Theres a big difference between attacking and questioning, and so far I've not gotten any answers that alleviate my concerns.
Until I get the name of, and confirmation from, the FDIC bank that is supposedly being acquired, I'll never be convinced. And even if that day ever comes and my doubts are proven wrong, I'm still never going to invest because Arise doesn't seem to have their act together. @drwom
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I can definitely see more press coming in for the likes of raids from governments as they start honing down on the coins they deem sketchy. It's negative all around because with any start-ups, it is extremely difficult to just say a particular project is legit or not just a few owners went out a and party for a month. Aren't most silicon valley start-ups behave in this fashion either way?
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Thanks for the heads up.. we will surely waitin' for the update of this news!
thanks for sharing this to us
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What a thriller... Coinbase just released their own article on this:
I appreciate the mention, by the way! :-)
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