no0930oscCanada’s largest capital markets regulator accused an Ontario man of a massive cryptocurrency fraud involving a token offering without a prospectus and “depleting a significant amount of invested funds” for purposes unrelated to crypto, such as buying real estate. The OSC says the allegations related to an offering of crypto security tokens that raised US$51 million from investors. “Hogg and his companies defrauded investors with false and misleading statements in promotional materials,” the OSC said in a statement of allegations. The document says UNY, a crypto security token on the Ethereum blockchain, was “Hogg’s brainchild”. It was created around May 2017 and issued by his company Cryptobontix, and Hogg made arrangements with two crypto asset trading platforms, Livecoin.net and CCEX.com, to list the UNY token for trading.

Source: National Post October 01, 2022 04:03 UTC