• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

SEC's Charges Against Nova Labs: A Case Overview

user avatar

by Giorgi Kostiuk

a year ago

The US SEC has filed charges against Nova Labs, accusing the company of unregistered securities sales and false partnership claims.

Allegations Against Nova Labs

The SEC claims Nova Labs has been selling unregistered investment contracts since April 2019. The company offered two main products: hotspots, electronic devices that mine Nova Labs crypto assets, and the Discovery Mapping Program, which pays users in MOBILE tokens for providing network data.

Cease and Desist Letters

Nova Labs falsely claimed partnerships with companies like Nestle, Salesforce, and Lime, using their wireless network, which was not true. These companies sent cease-and-desist letters to Nova Labs on discovering the false claims.

Gensler's Last Stand

It is speculated that this could be one of the last actions under Gary Gensler's chairman appointment, who plans to step down on January 20. Gensler is known for his rigorous enforcement approach in the crypto sector.

The regulatory stance may shift under new leadership. The newly elected US president, Donald Trump, supports more crypto-friendly regulatory measures.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

KNOT Technologies Develops AI Solution to Tackle Ticket Fraud

chest

KNOT Technologies is developing an AI-powered ticketing platform to combat ticket fraud and resale abuse.

user avatarEmily Carter

EverGen Secures $13M Loan and Extends Private Placement

chest

EverGen Infrastructure Corp has secured a $13 million term loan and extended its private placement to enhance financial stability and support its renewable natural gas growth strategy.

user avatarFilippo Romano

KNOT Technologies Raises $1 Million to Revolutionize Ticketing with AI

chest

KNOT Technologies, a startup based in Egypt and the UK, has raised $1 million in preseed funding from A15 to develop an AI-powered ticketing system aimed at reducing fraud and controlling ticket resales.

user avatarTomas Novak

Ethiopia's Bitcoin Mining Sector Seeks Economic Diversification

chest

Ethiopia is pursuing partnerships in Bitcoin mining to enhance economic diversification, despite concerns over energy supply and profitability.

user avatarKaterina Papadopoulou

Ethiopian Electric Power Targets Increased Revenue from Bitcoin Miners

chest

Ethiopian Electric Power (EEP) aims to increase its revenue from Bitcoin miners to $312.5 million by June 2026, amid rising energy consumption and concerns about energy supply sustainability.

user avatarMaya Lundqvist

Ethiopia Seeks Investment Partners for Bitcoin Mining

chest

Ethiopian Prime Minister Abiy Ahmed announced plans to attract investment for Bitcoin mining as part of the country's economic reform strategy.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.