On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
The SEC has taken action against three companies owned by Chinese Billionaire Guo Wengui for commingling the proceeds from two unregistered securities offerings.
The United States Securities and Exchange Commission (SEC) has charged three of Chinese billionaire Guo Wengui’s companies over an initial coin offering (ICO) and initial public offering (IPO) that fetched around $487 million combined.
The infamous Wengui, also known as Miles Kwok or Miles Guo, is an exiled Chinese businessman who currently resides in New York. Wengui is known for his controversial political takes and his ties to Donald Trump confidant, Steve Bannon.
The SEC submitted a cease and desist order on Sept. 13, with the documents showing that Guo’s companies have agreed to pay a settlement with the SEC within 14 days.
The SEC outlined two unregistered securities offerings from Guo’s firms, with GTV Media Group, Saraca Media Group and Voice of Guo Media conducting an IPO between April 1 and June 2020. Saraca and Voice of Guo, dubbed the “G Entities,” also conducted an ICO over the same period.
The ICO raised $34 million from investors seeking exposure to the firms’ G-Dollars — a virtual currency the issuer claimed could be exchanged for gold or fiat currency or used to purchase goods on the G Entities’ online platform.
The SEC found that the G Entities did not provide investors with information regarding how its purported digital asset and platform would be developed, adding:
“The G Entities have yet to develop or distribute the digital assets sold in the Coin Offering or a platform that would allow users to transact with or sell digital assets.”
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Proceeds from the ICO were commingling with the funds raised in its $453 million stock offering that purported to distribute 10% of GTV’s common shares. The unregistered IPO attracted participation from 5,500 people.
The firms have agreed to pay $486.6 million in fines, prejudgment interest of $17.6 million and a civil penalty of $35 million combined.
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