Crypto platform EtherDelta came to the attention of the Chinese police
Chinese Police Allegedly Initiated An Inquiry Against The EtherDelta Cryptocurrency Trading Platform.
“EtherDelta is involved in a major fraudulent scheme in China. The police are officially taking legal action against them, ”Davi Wan, partner of crypto investment fund Primitive Ventures, wrote on Twitter.
EtherDelta was sold by its founder, Zachary Coburn in 2017, and has been controlled by Chinese citizens ever since, Wang said..
“Essentially, Zach Coburn sold EtherDelta to a group of Chinese people who then issued an EDT token and performed an exit scam,” Wang writes. – Angry investors complained to the police. Recently, an official investigation was initiated in this case. “.
EtherDelta has previously been in the news in connection with government enforcement. Last November, the US Securities and Exchange Commission (SEC) indicted Coburn for organizing a securities exchange platform in the absence of legally required registration.
“Almost all of the bids that were placed on the EtherDelta platform led to deals after the SEC published a report on The DAO in 2017, which indicated that certain digital assets, such as DAO tokens, are securities, and platforms, who provide services for trading such securities in the form of digital assets will be subject to the SEC requirements, according to which they must register or apply for an exception to the rules, “- said in the decision of the American regulator.
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