No-Show Crypto Startup Incubator On Hook For $16M To SEC

By Dean Seal (March 6, 2020, 3:52 PM EST) -- A California federal judge has handed down a $16 million default judgment to a digital asset startup incubator that has yet to acknowledge an enforcement action from the U.S. Securities and Exchange Commission.

U.S. District Judge Dale S. Fischer on Thursday granted the regulator's bid for a judgment against ICOBox, which has not responded to the SEC's September action accusing it of acting as an unregistered broker when it helped more than 30 clients raise $650 million in token sales and for conducting an unregistered sale of securities with its own initial token offering for "ICOS" tokens.

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