US Man Sentenced to Prison for Fraud Of Over $20M From ICO Investors

A man from San Francisco will go to jail after a US court convicted him of multi-million dollar cryptocurrency fraud, as the Department of Justice (DOJ) said in a statement on Tuesday. 33-year-old Jerry Guo was sentenced to six months in prison by US District Judge Beth Labson Freeman and nearly $4.4 million in restitution after pleading guilty to ICO fraud. During the ICO craze height in 2018, Guo introduced himself to his clients as an ICO advisor and offered…

Effective Ways to Identify Initial Coin Offering (ICO) Scams

Over the last few years, the cryptocurrency market has been tremendously growing, especially since the 2017 bitcoin bubble. Today, there are over 6000 cryptocurrencies, and investors are even using digital monies as capital for startups.  The phenomenon, Initial Coin Offering (ICO), whose popularity has been growing fast, involves raising capital for new blockchain projects by selling underlying crypto tokens. The process is similar to Initial Public Offerings (IPO), although ICO is unregulated. Its freedom from regulation makes it a perfect option…