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Shopin Founder Pleads Guilty to Orchestrating Fraudulent $42 Million ICO

Published 12/12/2019, 05:31 PM
Updated 12/12/2019, 07:21 PM
Shopin Founder Pleads Guilty to Orchestrating Fraudulent $42 Million ICO

The New York Attorney General (NYAG) Letitia James announced the conviction of Shopin founder Eran Eyal for orchestrating a fraudulent initial coin offering (ICO) following his guilty plea.

As the NYAG announced on Dec. 12, the former CEO of Shopin pleaded guilty to felony charges for running a fraudulent initial coin offering that raised more than $42 million between August 2017 and April 2018. Eyal also pleaded guilty to defrauding investors of $600,000 by misrepresenting the staff and clients of his previous startup, Springleap.

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