Authorities are generally considered bureaucratic and not very creative. US Securities and Exchange Commission has proven that things can be done differently. Probably because their warnings about offers of new so-called cryptocurrencies did not have the desired effect, the authorities decided to hold a demonstration.
For this it created fake website, where she campaigned for the emission of a new cryptocurrency. On “HoweyCoins.com,” the SEC provided everything needed for a true so-called ICO and is popularly used. Even the required so-called information sheet (“white paper”) is included.
HoweyCoins are officially registered with the US government, are traded on a regulated exchange, can be exchanged for cash and accepted by any participating airline or participating hotel. Partnerships will be formed with the whole tourism industry. “The latest and only offer that captures the magic of the profits from coin trading and the exciting and guaranteed profits of the tourism industry” is the promise.
The eight-page white paper, which is supposed to inform about the issue, spreads above all about the advantages of tourism and crypto currencies, but remains little concrete. The alleged network of partners, where it is up to 30 percent discount for payment with “HoweyCoins” against, remains in the dark. But there are plenty of discount offers – and time pressure through a backwards counting clock.
However, if you click on the generously distributed buttons “Buy Coins now!”, It is immediately on the ground of the facts. The click leads to Investor.gov, the SEC presence for private investors. It says then: “If you have responded to such an investment offer, you could have been ripped off – howey coins are a complete hoax!”
They made the fake page as a learning tool to make investors aware of possible fraudulent offers around digital assets. ICOs are currently among the “biggest threats” for retail investors. Numerous investigations of such offers have focused on whether this is an offer of securities. Because then these offers are subject to the strict rules of the SEC, so that they can take action against it.
Company founder Yassin Hankir published a picture on Twitter suggesting that he had left for work abroad. For Savedroid, however, the action was a disaster, because the victims initially had to assume that they had actually been cheated.
The name HoweyCoin for the SEC currency refers to the so-called Howey test. This defines what a security is based on a Supreme Court ruling in 1946 in a SEC case against citrus grower WJ Howey, who sold and returned parcels.
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