Cryptocurrency startup Unikrn, which raised $ 31 million during the ICO in 2017, will pay a fine for the unregistered sale of securities. This was announced by the US Securities and Exchange Commission (SEC).

The regulator established that from June to October 2017, Unikrn was selling securities in the form of UnikoinGold (UKG) tokens without the required registration. Representatives of the project did not admit or deny the guilt, but went to the settlement of the claims.

Unikrn agreed to block UKG tokens and remove them from all cryptocurrency exchanges, as well as pay a fine of $ 6.1 million. According to the SEC, the announced amount is almost all of the startup’s funds.

In 2018, a class action lawsuit was filed against Unikrn , accusing the creators of the project of selling unregistered securities in the form of UKG tokens. The applicants also argued that investors were misled by promising them an increase in the price of the token in the future.