SEC: Fake ICO "Howeycoin" warns against scammers

The Securities and Exchange Commission (SEC) appears to be seeking ways to warn consumers of the dangers of ICOs. The SEC has issued a fake ICO specifically for this purpose. This involvement with ICOs is consistent with SEC statements at this year's Consensus.

Especially ICOs are prone to scams. Shortly put together a white paper, set up some fake linked-in profiles and the money machine is done. If you then still clever marketing operates, the investors come out of their holes. This or that is the credo of many publishers of ICOs. First collect money and then possibly bring out a platform. Or just disappear with the money - there are enough examples.

The SEC has now accepted this problem in an authoritarian way. With the Howeycoin, the US authorities want to show how easy it is to pull the money out of your pockets. With a dedicated website and a countdown until the pre-ICO is over, the agency points to the ICO dangers. Even a nine-page white paper has been set up by the SEC. According to the homepage Howeycoin is supposed to revolutionize the travel industry.

Both the urgency (ie the countdown) and the promise of high profits are mostly indicators that it is a fraud attempt. The same applies to references to the support of celebrities and the indication that the project has been approved by the SEC. Even the only way to pay with credit cards is another indication of fraud, according to the SEC. You learn that at the latest when you try to invest. Then you end up on the homepage of the SEC, on which the authority explains the listed factors.
SEC not fundamentally against ICOs

This closer occupation of the SEC with (potential) cryptocurrencies coincides with statements on the Consenus. There representatives of the authority said that they are in favor of a reasonable regulation:

"The SEC has been open to meeting and interacting with people in the industry, talking to people - talking about ideas and new developments, and talking about the new technology. We support new ways to generate capital. We do not regulate technology - we regulate the financial industry and the markets. "

What else happened on the consensus, you can read here, here and here.

On our own behalf: analyzing ICOs is not an easy task, we know that from our own experience. The research and the associated effort, which one must operate to be able to assess an ICO, can take a lot of know-how, personnel and time. To relieve our readers of this expense, our crypto compass appears once a month with the ICO of the month and the results of our research. The Howeycoin certainly will not make it to the cryptocompass.

source: https://www.btc-echo.de/sec-fake-ico-howeycoin-warnt-vor-betruegern/