In a Tuesday notice, the SEC said it had charged Dragonchain, the Dragonchain Foundation, the Dragon Company, and their founder John Joseph Roets for raising $16.5 million in a presale and initial coin offering from 2017. According to the financial regulator, Roets, Dragonchain, and the Dragonchain Foundation allegedly conducted an unregistered offering of the blockchain’s DRGN tokens in an August 2017 presale and an October and November 2017 ICO, raising $14 million. All three entities and their founder also allegedly sold $2.5 million worth of DRGNs “to cover business expenditures to further develop and market Dragonchain technology” from 2019 to 2022.
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Source: Cryptocurrency - investing.com
