The United States Securities and Exchange Commission (SEC) won its lawsuit against Hydrogen Technology Corp, raising $2.8 million in revenue.
The SEC, known for suing various companies in the crypto industry, has filed a lawsuit against Hydrogen Technology Corp. In September of last year, the SEC filed a lawsuit against the company’s former CEO, Micheal Ross Kane, alleging that Kane used Hydrogen’s market maker Moonwalkers Trading Limited to manipulate the volume and price of the ERC-20 token Hydro (HYDRO). and sued Kane. “Price manipulation in assets” was cited as the main element of the lawsuit. The lawsuit against the company and Kane for manipulation planning was won by the SEC and settled.
SEC Fights Manipulation
Fighting against manipulation movements, the SEC continues its sanctions. The SEC, which finally won its lawsuit against Hydrogen Technology Corp, earned $2.8 million in revenue. On April 20, a New York District Court Judge ruled against Hydrogen Technology Corporation and Kane, concluding the case that has been pending since last year.
After the conclusion of the case, the details about the case continue to come. It was stated that Kane agreed to pay an individual fine of approximately $260,000, and the remaining amount consisted of pre-judgment interest. Details of the amount of the lawsuit amounted to approximately $1.5 million in “profits from illegal conduct.” It was stated that other elements amounted to a penalty of approximately 1 million dollars.
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