Other

"Iowa regulator orders BlockFi to pay $943K over alleged unregistered securities offering"

2022-06-14 [vendor] BlockFi fined
Primary Source ↗

Incident Details

The Iowa Insurance Division announced that they had levied a $943,000 fine against BlockFi for failing to register securities they offered on their platform. The regulator also accused BlockFi of making “misrepresentations and omissions about the level of risk in its loan portfolio”, particularly pertaining to statements that their loans were “typically” overcollateralized when in reality only around 16–17% were.

Technical Details

Initial Attack Vector
Regulatory / legal action
Vendor / Product
BlockFi fined

Timeline

  1. 2022-06-14 Breach occurred
  2. 2022-06-14 Publicly disclosed