According to the press release, Steven Chiang (known as Cyrus Kong), Eric Tippetts, James Hardy, and Maurice “Butch” Chelliah are accused by the watchdog for their roles in raising over $10 million through two fraudulent and unregistered digital asset securities offerings. In December 2017, Chiang founded NASGO, a company that claimed to have developed a blockchain-based platform that allows clients to invest in digital asset securities called NSG tokens.
Then, Chiang and Tippetts allegedly offered NSG tokens to the public in an unregistered offering, in which they allegedly lied about the amount of NSG tokens sold, the total number of users subscribed to NASGO’s platform, and the projected value of NSG tokens. In videos posted to popular social media sites, Tippetts is alleged to have repeated these claims.
Moreover, the SEC alleges that Tippetts and Hardy created Sharenode, a company to “market” the NASGO platform as investor interest in NSG tokens declined. Tippetts and Hardy used Sharenode to launch another unregistered offering of Sharenode securities called SNP tokens, according to the SEC’s complaint. Tippetts and Hardy falsely claimed that the SNP token was on the NASGO blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term and would increase in value each week by $.10 and increase by $.10 for every new company joining the NASGO platform.
Amount of Funds Allegedly Misappropriated
The SEC’s complaint alleges that the defendants misappropriated nearly $4 million from investors. The SEC also alleges that Chiang and Tippetts misused other Sharenode investor funds by spending at least 133 bitcoin for listing NSG tokens on an unregistered trading platform and funding a team of captive traders to trade NSG tokens among themselves to create the false appearance of a robust market with increasing prices. As a result, traders were led to believe that over $2.5 million worth of NSGs were traded daily on BitForex during the first 60 days and that the price of NSGs was steadily increasing due to investor demand.
According to the press release, Steven Chiang (known as Cyrus Kong), Eric Tippetts, James Hardy, and Maurice “Butch” Chelliah are accused by the watchdog for their roles in raising over $10 million through two fraudulent and unregistered digital asset securities offerings. In December 2017, Chiang founded NASGO, a company that claimed to have developed a blockchain-based platform that allows clients to invest in digital asset securities called NSG tokens.
Then, Chiang and Tippetts allegedly offered NSG tokens to the public in an unregistered offering, in which they allegedly lied about the amount of NSG tokens sold, the total number of users subscribed to NASGO’s platform, and the projected value of NSG tokens. In videos posted to popular social media sites, Tippetts is alleged to have repeated these claims.
Moreover, the SEC alleges that Tippetts and Hardy created Sharenode, a company to “market” the NASGO platform as investor interest in NSG tokens declined. Tippetts and Hardy used Sharenode to launch another unregistered offering of Sharenode securities called SNP tokens, according to the SEC’s complaint. Tippetts and Hardy falsely claimed that the SNP token was on the NASGO blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term and would increase in value each week by $.10 and increase by $.10 for every new company joining the NASGO platform.
Amount of Funds Allegedly Misappropriated
The SEC’s complaint alleges that the defendants misappropriated nearly $4 million from investors. The SEC also alleges that Chiang and Tippetts misused other Sharenode investor funds by spending at least 133 bitcoin for listing NSG tokens on an unregistered trading platform and funding a team of captive traders to trade NSG tokens among themselves to create the false appearance of a robust market with increasing prices. As a result, traders were led to believe that over $2.5 million worth of NSGs were traded daily on BitForex during the first 60 days and that the price of NSGs was steadily increasing due to investor demand.
