Is the Tierion ICO good
The US Securities and Exchange Commission fined Tierion $ 250,000 for conducting an unregistered ICO in 2017 that raised $ 25 million.
According to the SEC, the token IPO organized by Tierion violated US securities laws. Tierion is a blockchain-based development company that positioned the TNT token as a means of payment between users of its network during the ICO. According to the agency, Tierion sold 350 million TNT to 4,800 investors. The SEC ruled that investors and holders of TNT tokens that they traded at a loss could claim compensation from Tierion as well as interest within 60 days.
The department decided to stop trading TNT, which were created according to the ERC-20 standard and were working on the Ethereum blockchain. The commission also said that TNT did not comply with rule D. Tierion's management did not acknowledge or contest the allegations and agreed to pay the regulator a fine of $ 250,000. Tierion CEO and Founder Wayne Vaughn said he will continue to work on the company's current products. even without a TNT token.
According to him, the SEC's decision "took the heavy regulatory burden away from him." Vaughn added that this situation will not affect the availability of the open source software that the company's developers have been working on. In 2017, Tierion worked with Microsoft to develop a decentralized identity system that can be used to create and validate data using DLT (Distributed Ledger Technology) technology.
This week, the SEC fined cryptocurrency startup ShipChain $ 2,050,000 for the same reason. Since the beginning of the year, the commission has collected more than $ 4.68 billion in fines and confiscated illicit proceeds, a record amount in the department's entire history.
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