Eligible investors in BitClave’s 2017 ICO will soon receive their investment back, along with interest, the SEC has said. The SEC announced this on Wednesday and stated that the BitClave Fair Fund has distributed $4.6 million to investors.
The ICO, which raised $25.5 million in just 32 seconds during the 2017 boom, was alleged to have violated federal securities laws and in 2020, BitClave settled with the SEC without admitting any guilt. As part of the settlement, BitClave agreed to forfeit all the money it raised, pay $4 million in interest and penalties, and destroy all unsold tokens.
However, as of February 2023, BitClave had only paid $12 million of the agreed upon $29 million, and eligible investors were required to submit their claims by August 2023. The SEC recently informed claimants about the status of their claims in March.
