SEC's Cyber Unit Files First Charges Over 'Initial Coin Offering'

A new division of the Securities and Exchange Commission dedicated to so-called “initial coin offerings” (ICOs) filed its first charges, targeting a scam that reportedly raised $15 million from thousands of investors by promising a 13-fold profit in less than a month. In a criminal complaint filed in Brooklyn federal court, the new SEC division, known as the Cyber Unit, describes how Dominic Lacroix sold digital tokens known as “PlexCoins” as part of a purported plan “to increase access to cryptocurrency services” across the world.