You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Judge Throws Out DEBT Box Case, Orders SEC to Pay $1.8M

The US District Court for the District of Utah made a significant decision on Tuesday, dismissing the SEC’s case against DEBT Box and issuing fines surpassing $1.8 million against the regulatory body for its questionable actions.

These fines encompass legal expenses and court fees. The court’s ruling stemmed from its determination that the SEC had deceived the judge to secure a temporary order in its favor.

In the same filing on May 28, Judge Robert Shelby granted the SEC’s plea to close the ongoing case without prejudice, allowing the agency to potentially file a related case in the future before the same judge in the same court.

DEBT Box and its co-defendants contended that the case should be dismissed with prejudice to prevent the SEC from launching further enforcement actions against the company. Nevertheless, the company expressed contentment with the verdict, viewing it as a favorable outcome.

“This represents a significant victory for us. It indicates that the SEC cannot advance with the current case,” the company stated on X.

Debt Box Challenges SEC’s $49M Fraud Case

Citing a previous ruling from March, the judge highlighted the SEC’s actions in obtaining a temporary freeze on DEBT Box’s assets as evidence of bad faith. Subsequently, the firm challenged the accuracy of the commission’s information, raising the possibility of sanctions against the SEC.

In a lawsuit filed in July 2023, the SEC accused DEBT Box of orchestrating a fraudulent scheme worth $49 million, involving the sale of “node licenses” promising profits from cryptocurrency mining. The SEC asserted that these currencies were never mined, casting doubt on the legitimacy of the entire operation.

The DEBT Box case took an unexpected turn when the defendants contested the SEC’s allegations, alleging that the regulatory body had distorted facts to secure a temporary restraining order freezing the assets of the crypto platform.

In response to the defendants’ accusations, Judge Robert Shelby demanded clarification from the SEC regarding its actions. Faced with scrutiny, the SEC’s attorneys acknowledged errors but urged the judge not to impose formal sanctions.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

More Hong Kong Brokerages Are Providing Crypto Trading Services
14.06.2024By
Holograph Protocol Faces Exploit, Hacker Mints 1 Billion Native HLG Token
14.06.2024By
Millions of Shopify Merchants Can Accept Hundreds of Cryptos as Helio Upgrades Solana Pay Plugin
14.06.2024By

Latest news

More Hong Kong Brokerages Are Providing Crypto Trading Services
14.06.2024
Holograph Protocol Faces Exploit, Hacker Mints 1 Billion Native HLG Token
14.06.2024
Millions of Shopify Merchants Can Accept Hundreds of Cryptos as Helio Upgrades Solana Pay Plugin
14.06.2024
Spot ETH ETF Approvals Slated For This Summer, SEC Chair Gary Gensler Says
14.06.2024
Spot Bitcoin ETFs Witness $226M in Outflows, Marking Third Consecutive Day of Exodus
14.06.2024
MicroStrategy Increases Its Convertible Debt Sale By Another $200 Million To Buy More Bitcoin
14.06.2024
Near Foundation Spins out Nuffle Labs and Raising $13M Funding
13.06.2024
May Sees $1B in Crypto Investments, Slightly Down from Previous Month: KuCoin
13.06.2024
MoonPay and PayPal’s Partnership Expands to EU and UK
13.06.2024
Large South Korean Retailers Shut Down NFT Operations
13.06.2024