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❕NEWS US SEC Shuts Down $30 Million Defi Money Market in First Decentralized Finance Bust

Y

Yusra31

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The Securities and Exchange Commission (SEC) stated on Friday that it had taken the first decentralised finance enforcement action (defi). Securities employing defi technology is the subject of the lawsuit.Two Florida men, Gregory Keough and Derek Acree and their Cayman Islands firm Blockchain Credit Partners were charged with unregistered transactions of more than 30$ million in securities, according to the agency. For deceiving investors concerning the operations and profitability of their enterprise Defi Money Market the three were also accused.

They sold two types of digital tokens: mtokens and DMM governance tokens using smart contracts and defi technology (DMG). The former promised 6.25 percent interest while the latter claimed to provide holders specific voting rights a part of excess revenues and the possibility to profit from DMG governance token resales in the secondary market.
 

GoldenLady

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Even if cryptocurrency is a risky business, there's no need taking it farther. This type of bearish news is not good for the cryptocurrency adoption.
 

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