SEC Distributes $4.6M to BitClave Investors
Summary
The SEC announced that investors in the defunct crypto startup BitClave will receive $4.6 million from the BitClave Fair Fund. BitClave's 2017 ICO raised $25.5 million in 32 seconds. In 2020, the SEC sued BitClave for violating securities laws, leading to a settlement where BitClave agreed to return the raised funds plus $4 million in interest and penalties. BitClave was also required to destroy uncirculated tokens and request delisting from exchanges. By February 2023, BitClave had paid $12 million of the agreed amount. The fate of the remaining $7.4 million in the fund is unclear.
