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Rapid SEC Action Against AriseBank Reveals New Playbook For Allegedly Fraudulent ICOs

On January 25, 2018, the SEC filed a sealed civil Complaint in federal court in Dallas against AriseBank and its founders. The Complaint alleged that the defendants had committed securities fraud in raising more than $600 million in an initial coin offering ("ICO") of AriseCoin, starting in December 2017. The SEC immediately made a series of rapid legal moves designed to gain control of AriseBank and its assets.

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Giga Watt ICO Faces Tezos-like Securities Litigation Challenge

Giga Watt, Inc. and a related entity got a late Christmas present on December 28: a lawsuit alleging that Giga Watt violated federal securities laws in its initial coin offering (“ICO”). The plaintiff seeks more than $5,000,000.

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