The United States Securities and Exchange Commission (SEC) has charged Eran Eyal, the founder Shopin, with orchestrating a fraudulent initial coin offering (ICO).
In a press release on Dec. 11, the SEC alleged that the businessman and his company defrauded hundreds of investors in an ICO that raised more than $42 million from August 2017 to April 2018. According to the SEC, Shopin’s actions constituted an unregistered securities offering of Shopin Tokens.