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SEC Charges $600,000 ICO Project Opporty for Fraudulent Security Offering

Published 01/22/2020, 06:11 AM
Updated 01/22/2020, 08:02 AM
SEC Charges $600,000 ICO Project Opporty for Fraudulent Security Offering

The Securities and Exchange Commission (SEC) has charged Sergii Grybniak, the founder of the initial coin offering (ICO) project Opporty, according to a Jan. 21 press release. Despite raising approximately $600,000, the commission targeted Grybniak for falsely declaring the project as “100% SEC compliant.”

Opporty launched its ICO between September and October 2018. The project purported to provide a “blockchain-based ecosystem for small businesses and their customers,” primarily in the United States. The platform was meant to be a place where small businesses could list their services and enter into agreement via smart contracts.

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