Cryptocurrency
" SEC Charges U.S. Promoters of $2 Billion Global Crypto Lending Securities Offering"
Primary Source ↗Blockchain(s)
Bitcoin
Incident Details
The SEC filed an action against five individuals that they alleged promoted unregistered securities in a $2 billion investment scheme, which they described as a “lending program”. In September, the SEC also charged BitConnect’s founder, Satish Kumbhani, for his role in the scheme, as well as an additional promoter.
Technical Details
- Initial Attack Vector
- Regulatory / legal action
- Vendor / Product
- SEC begins investigating BitConnect
Timeline
- 2021-05-28 Breach occurred
- 2021-05-28 Publicly disclosed