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Shopin cryptocurrency investors unhappy with the court’s verdict in SEC’s case against Eran Eyal

Shopin cryptocurrency founder Eran Eyal was ordered to pay $450,000 in fines in the case SEC filed against him.

Image by Miloslav Hamřík from Pixabay

Thu, 25 Jun 2020, 08:29 am UTC

A U.S. court finally passed judgment on the case filed by the Securities and Exchange Commission against Shopin cryptocurrency founder Eran Eyal. A federal judge ordered Eyal, who was accused of fraud, to pay $450,000 in fines but Shopin investors are unsatisfied with the verdict and even called it “ridiculous” and a “joke.”

In December 2019, Eran Eyal was accused by the SEC of committing a $42 million initial coin offering (ICO) fraud and that he misappropriated around $500,000 of funds from Shopin cryptocurrency investors, according to CoinDesk. Aside from SEC’s suit, the New York Attorney General’s office also filed another case within days.

As part of his settlement with the NYAG’s office, he agreed to pay $450,000 worth of cryptocurrencies after pleading guilty to the three securities fraud schemes alleged in NYAG’s suit. It was not revealed what type of crypto was used for the payment.

In the suit filed by the SEC, a federal judge ordered Eyal to pay $450,000 in fine, which he settled by handing over 3,105 ether (ETH). It was also revealed that Eyal did not admit nor deny the allegations made in SEC’s suit as part of the June 19 decision. However, he can no longer participate in any digital asset securities offerings in the future or run public companies.

However, some investors were not satisfied with the court’s decision on the SEC’s case against Eyal. “So he can use investor funds to settle his own personal liabilities and the SEC and AG even agree with that. Outrageous,” an investor called “Bazzie,” wrote on Telegram on June 19, according to Venturebum.

“What a joke? You rob someone and they let you pay a fine with some of the money you stole,” another investor called “Mario” wrote on June 20.

“The worst part is that he’s been punished more than any other crypto scammer I’m personally aware of,” an investor called “Mike,” wrote. “The STK and Gladius teams got off Scot-free.”

The 45-year-old hold holds a joint Israeli-SA citizenship. Since February this year, he was held in a New Jersey prison facility by the US’s Immigration and Customs Enforcement (ICE) but was deported to Israel on May 18. According to Venturebum, there were also reports that Eyal might have moved from Israel to London.

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