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SEC sues Dragonchain, accusing it of selling unregistered securities

SEC sues Dragonchain, accusing it of selling unregistered securities

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Answer SEC sues Dragonchain, accusing it of selling unregistered securities

The US Securities and Exchange Commission (SEC) has filed charges against entities associated with the Dragonchain project as well as against founder John Joseph Roets.

The lawsuit states that the defendants made an unregistered offer of cryptocurrency.

The Securities and Exchange Commission filed the complaint in the US District Court for the Western District of Washington on Tuesday (August 16, 2022).

According to the US regulator, “Roets” and its three entities:

Dragonchain Inc, Dragonchain Foundation and Dragon Company illegally raised $16.5 million through an unregistered cryptocurrency offering “DRGN.”

A significant portion of the funds ($14 million) was raised from nearly 5,000 investors globally through an initial coin offering (ICO) in 2017.

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Between 2019 and 2022, the defendants also sold $2.5 million worth of DGRN tokens to develop and advance Dragonchain technology and take care of business expenses.

After the defendants’ alleged violation of federal securities laws, the Securities and Exchange Commission (SEC) is seeking permanent injunctions, with civil penalties against each defendant.

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