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On October 12, according to US media reports, US Navy officials said on the same day that the US Navy dismissed the commander of the USS Wyoming (SSBN 742) ballistic missile nuclear submarine this week. The US Navy issued a statement saying that the commander of the Navys 10th Submarine Squadron, Rear Admiral Bob Worth, dismissed Lieutenant Commander Robert Moreno, who led the "Blue" crew of the USS Wyoming nuclear submarine, because of "loss of confidence in his command ability." US media said that the military usually removes commanders from their posts due to loss of confidence, but does not provide specific reasons for dismissal. The US Navys statement did not provide more information about the decision to remove Moreno, and a Navy spokesman declined to provide further details. The statement read: "Navy commanders must adhere to high standards of personal and professional conduct. They should uphold the highest standards of responsibility, reliability and leadership, and if they fail to meet these standards, the Navy will hold them accountable."According to TASS: Russian air defense forces shot down 32 Ukrainian drones at night.On October 12th, French Prime Minister Jean-Claude Le Cornu, who was reappointed by French President Emmanuel Macron as Prime Minister on October 11th local time, stated during a visit to a police station in the Paris suburbs that he currently only wants to focus on resolving Frances political crisis. Given the deep political divisions within Frances political parties, he could be impeached by the National Assembly at any time. Le Cornu declined to specify when he would form a new government or its potential composition, but did indicate that it would not include anyone interested in running in the 2027 presidential election.On the evening of October 12th, local time, Wilders, leader of the far-right Dutch Freedom Party, posted on social media that the Dutch National Intelligence Service had officially informed him that he was being targeted by a terrorist organization. As a result, he had decided to suspend all campaign activities. The Netherlands is set to hold parliamentary elections on October 29th, and Wilderss far-right Freedom Party is currently leading in opinion polls. According to multiple European media reports, the terrorist organization also orchestrated the recent attack on Belgian Prime Minister Thomas de Weve. The Belgian government has arrested two suspects in connection with the case.On October 12, according to the Russian Satellite News Agency, the Afghan Ministry of Defense issued a statement saying that in response to repeated Pakistani airspace incursions and airstrikes, Afghanistan had carried out retaliatory operations against Pakistani security forces along the border. The statement said, "The operation successfully concluded at midnight." The report also warned that "if Pakistan violates Afghan airspace again, the Afghan armed forces will resolutely retaliate to defend the border." Reports indicate that Afghanistan began striking Pakistan on the evening of October 11 in response to attacks in Kabul and Paktika Province in the early morning hours of the 10th. According to Afghanistans Dawn News Network, the conflict between Afghanistan and Pakistan has resulted in the deaths of 12 Pakistani soldiers. Reuters also reported that Pakistani security officials alleged that the Afghan side launched unprovoked attacks, with the two sides exchanging fire at more than six locations along the border.

SEC Sues Dragonchain for Unregistered Initial Coin Offering

Jimmy Khan

Aug 17, 2022 14:23

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The creator of Dragonchain is the subject of a complaint from the U.S. Securities and Exchange Commission for allegedly generating millions via unregistered offers of crypto asset securities.


More precisely, John Joseph Roets and the three companies he controls, Dragonchain, the Dragonchain Foundation, and The Dragon Company, are being sued by the SEC for failing to properly disclose more than $16 million in offers of crypto asset securities over a five-year period.

Offerings of Crypto Asset Securities Not Registered

Roets, Dragonchain, and the Foundation carried out an unregistered selling of Dragon tokens (DRGN) via a reduced presale to members of a cryptocurrency investing club, according to a complaint in the U.S. District Court for the Western District of Washington.


The SEC further asserts that Roets and the three Dragonchain corporations violated the Securities Act in 2017 by raising millions of dollars through the sale of Dragon tokens in an ICO that was primarily targeted at cryptocurrency investors.


The Seattle-based Dragonchain, an enterprise blockchain start-up that was first created in 2014 at Disney's tech-focused Seattle office, is accused by the SEC of using the funds to fund its marketing and development efforts.


According to the SEC, $2.5 million worth of DRGNs were offered and sold between 2019 and 2022 by Dragonchain, the Dragonchain Foundation, and The Dragon Company to pay for business expenses and promote Dragonchain.

Coin Offering in I.C

The SEC contends that both the 2017 presale and the initial coin offering of Dragon tokens were unregistered crypto asset securities offerings that purportedly garnered $14 million from more than 5,000 investors. This assertion is a key part of the lawsuit.


Many cryptocurrency start-ups turned to initial coin offerings (ICOs) during the end-of-2017 market surge for Bitcoin (BTC) in order to raise capital for their tokens. In reality, initial coin offerings surpassed venture money as the primary means of funding for blockchain start-ups at their height in 2017.


A blockchain-based start-up may produce a set amount of its own native digital token in order to sell them to early investors, often in exchange for other cryptocurrencies like Bitcoin or Ethereum. This is known as an initial coin offering (ICO) (ETH).


The SEC, however, argues that federal securities legislation and information disclosure should apply to token sale securities. The DRGN token was classified as a security in a 2021 court filing by the State of Washington, and since Dragonchain was not registered to market its securities, the firm was fined $50,000 and given a stop and desist order.


The business, however, insists that DRGN is not a financial security. The SEC has now requested disgorgement of the gains plus prejudgment interest and a civil monetary penalty, claiming that it is seeking permanent injunctions.