SEC seizes the assets of an ICO that claimed to raise $600 million

The $600 million claim might be dubious

The US SEC has sued to freeze the assets of an ICO that claimed to raise nearly $600 million.

The ICO in question is AriseBank, which had touted a "decentralized banking platform" that includes storage, exchange and payment services, as well as Visa cards linked to crypto accounts.

Texas officials ordered a cease-and-desist in part because the ICO violated consumer laws against using the word 'bank', which implies a licence in that state.

Last week, it was reported that the SEC and FBI raided AriseBank's offices.

I mean, if you can't trust Evander Holyfield with financial affairs, who can you trust?

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