The Securities and Exchange Commission a settlement with esports-betting cryptocurrency firm for alleged violations of securities laws. Unikrn will shutter its UnikoinGold cryptocurrency token and pay a $6.1 million fine, which is all of the assets of the company.
So ends one experiment in gaming, gambling, and esports that evidently stepped over the line of what the federal government will permit when companies issue cryptocurrencies to the public. And while the fine is heavy, the SEC did not accuse Unikrn, which was headed by Voodoo PC founder and former HP and Microsoft executive Rahul Sood, of any fraud.
The it was one more in a growing number of enforcement actions related to “initial coin offerings,” or ICO events where companies sell blockchain-based cryptocurrencies to the