Colorado Regulators Shut Down Four More Fraudulent ICO’s

According to a recent press release, Colorado Securities Commissioner Gerald Rome signed orders instructing four companies to cease offering unregistered securities in the state.

Colorado’s Department of Regulatory Agencies (DORA) took a firm action against four Initial Coin Offerings (ICOs). DORA has ordered the companies to immediately stop and refrain from conducting all activities in violation of state finance laws. The latest crackdown brings the total number of “cease-and-desist orders” against cryptocurrency companies in Colorado to 18.

The affected ICOs include Cybersmart Coin Invest, CrowdShare Mining, Cred, and Global Pay Net. While the companies’ locations are unknown, according to a spokesperson for Colorado’s Division of Securities, they advertised their fraudulent products and services to residents of Colorado.

Global Pay Net

According to the press release, Global Pay Net is a company that claims to offer GLP Coins, which provides a blockchain-based international financial platform. The company also listed several prominent figures on its websites who have denied any knowledge of the company.

Cred

The second company is Cred, which according to the report, claims to offer a tokenized mobile application that promotes green energy. The firm markets as an ICO for its cryptocurrency dubbed “Cred (CX).” “The website asserts that “Cred holders can rest assured knowing that their Cred will be worth tangible value,” the post reads.

CrowdShare Mining

The third company is known as CrowdShare Mining (CSM) which claims that it will mine digital coins on behalf of investors through green energy sources. In return, investors will pocket 50 percent of the mining profit.

CyberSmart Coin Invest

The last company is CyberSmart Coin Invest which offers digital token named “CyberSmart Coin (CBST).” According to the site, they use bots to trade on Bitmex and other cryptocurrency exchanges. The site also claims to have a secret method of gaining profit. Investors also get 20-35% dividends on a monthly basis.

At least two more cessation orders are still pending, according to the official announcement.


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