The U.S. Securities and Exchange Commission (SEC) has obtained a court order halting an allegedly fraudulent initial coin offering (ICO) after it targeted retail investors to fund what it claimed to be the world’s first decentralised bank.
According to the SEC’s complaint, Dallas-based AriseBank used celebrity endorsements such as boxer Evander Holyfield and social media to trick investors out of $600 million of its $1 billion goal for its purported AriseCoin, the agency said.
“We allege that AriseBank and its principals sought to raise hundreds of millions from investors by misrepresenting the

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