Cryptocurrencies are mostly unregulated at the moment, with vaporware projects competing against revolutionary technologies like Bitcoin and Ethereum for investment.
This is evident in the case of BitConnect – which is the 25th biggest cryptocurrency in the world and has a market capitalisation of over $2 billion.
The cryptocurrency was found to be engaging in fraud and the company behind the currency has been served a Cease and Desist order by the Texas State Securities Board.
The emergency cease and desist order was issued on 4 January and states that BitConnect is engaging in fraud and misleading investors.
Sourced through Scoop.it from: mybroadband.co.za