That Sketchy Steven Seagal-Endorsed ICO Is Under Siege By State Regulators

Bitcoiin—an Etheruem-based token that is not associated with Bitcoin—markets itself as the “next generation of Bitcoin” and is selling tokens to investors after recently completing an Initial Coin Offering (ICO) that the startup claims raised $75 million USD. “In actuality,” a cease-and-desist order filed on Wednesday by the State of new Jersey Bureau of Securities reads, “Bitcoiin is fraudulently offering unregistered securities in violation of the Securities Law.” Whoops!

Source: vice.com