The SEC has sued famous YouTuber and crypto investor Ian Balina for an ICO.
The lawsuit filed by the US Securities and Exchange Commission is about the Sparkster ICO held in 2018.
Another Case From the SEC
The SEC continues to target the crypto ecosystem and file lawsuits. The regulator has now targeted Ian Balina, a YouTuber and crypto investor.
Sparkster raised $30 million in funding from participants in 2018.
Court documents included the following statements:
“This action relates to Ian Whale’s unregistered offering and promotion of crypto-asset securities called SPRK token in 2018. Whale, a self-described crypto-asset investor, supporter, and influencer, has claimed that he can help people raise millions of dollars with initial coin offerings. While promoting the tokens to the public, he did not disclose the money he received from the company that issued the token. He also failed to file a registration statement with the SEC for tokens he resold using an investment pool he had organized.”
The SEC’s accusations are based on Whale’s activities on both YouTube and Telegram.
The whale first made its name during the 2017-2018 ICO boom. Whale, who was exposed to the hack attack during these periods, lost $ 2.5 million.
Whale has not made a statement on the subject.
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