The Securities and Exchange Commission (SEC) on Tuesday announced that it is suing the blockchain company behind a $21 million initial coin offering (ICO) for fraud.
The agency also received court approval to freeze the assets of Titanium Blockchain Infrastructure Services Inc., the company running the alleged scheme.
Titanium President Michael Alan Stollery, whom the SEC is also suing, allegedly lied about having business relationships with the Federal Reserve and many high-profile companies, such as PayPal, Verizon, Boeing and The Walt Disney Company.