SEC v. Bitqyck

The SEC sues Bitqyck Inc. and it’s founders for conducting a fraudulent and unregistered digital asset securities offerings. Bitqyck raised more than $13 million through two ICOs for their digital tokens, Bitqy and BitqyM, by falsely promising investors that these tokens would give them fractional ownership in a cryptocurrency mining operation and other business ventures, which did not exist. Additionally, the company and its founders misappropriated much of the funds raised, using the money for personal expenses rather than business development.

The SEC charged Bitqyck with violating the antifraud and registration provisions of the federal securities laws. As part of the settlement, Bitqyck agreed to pay an $8.375 million penalty, and the founders were also penalized and banned from serving as officers or directors of any public company.

3:19-cv-02059