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Home Business & Finance eSports betting startup Unikrn to pay $6.1M in SEC settlement over unregistered...

eSports betting startup Unikrn to pay $6.1M in SEC settlement over unregistered initial coin offering

Document Analysis NLP IA

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neutral
sentiment

Sentiment0.007950876806809
objective
redaction

Subjectivity0.41436275588818
probably it's an affirmation
Affirmation0.41163793103448

Highlights

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Key Concepts (and relevance score)

Summary (IA Generated)

Unikrn CEO Rahul Sood speaks at GeekWire Startup Day in 2015.

Unikrn, led by CEO Rahul Sood, a veteran entrepreneur who previously oversaw Microsoft’s venture capital arm, agreed to pay the penalty without admitting or denying the SEC charges.

In charging the company, the SEC said Unikrn “failed to register the offering or qualify for an exemption.

1 million settlement represents “substantially all of the company’s assets,” the SEC said in a news release.

In a statement on its website, Unikrn said the SEC established guidelines after the ICO which “applied retroactively, raised many questions with regards to the future of UKG.

“Unikrn’s priority was in growing and innovating the Unikrn platform while trying to find common ground with the SEC that would allow us to promote the merits of UKG,” the company said.

In a public statement, SEC Commissioner Hester Peirce said she disagreed with her colleagues’ determination that the ICO constituted a securities offering.

“While many SEC enforcement actions in this space include allegations of fraud, Unikrn falls within the narrower category of token issuers charged only with violating Section 5 of the Securities Act,” Peirce said.

Kristina Littman, chief of the SEC Enforcement Division’s Cyber Unit, said in a statement that the settlement “allows us to return substantially all of Unikrn’s assets to already-harmed investors and includes measures to prevent future sales to retail investors, including the disabling of the tokens.

Asked about the financial implications of the settlement, Sood told GeekWire via email, “Unikrn will continue to operate our business, we just had to get this put behind us so we could focus on the future.

Unikrn also reached a settlement with the Washington State Department of Financial Institutions on charges of violating state registration provisions related to its ICO.


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