Unikrn, an initial coin offering, or ICO, from 2017, faces action from the U.S. Securities and Exchange Commision, or SEC.
The SEC has accused the startup of running its ICO without going through the proper legal channels, based on a Sept. 15 statement from the regulating body. The commission claims Unikrn offered an unregistered investment opportunity.
“Unikrn agreed to settle the charges by paying a $6.1 million penalty, substantially all of the company’s assets, to be distributed to investors through a Fair Fund,” the statement said.
Unikrn made headlines back in 2017 when Dallas Mavericks owner Mark Cuban invested in the project.