小芯cc
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AriseBank claims to be the "world's first decentralized cryptocurrency bank," launched an ICO fundraising from the end of 2017 to the beginning of 2018, ultimately embezzling over $6 million, making it one of the most sensational ICO fraud cases of that year.
The project was led by CEO Jared Rice Sr and COO Stanley Ford, who deliberately concealed their criminal records and created a false impression of being "legitimate and trustworthy" through forged authoritative endorsements. They publicly claimed to have obtained a legal banking license in the United States and could provide FDIC federal deposit insurance for user deposits, fabricating a capital-protected and interest-bearing cryptocurrency financial service to attract a large number of investors.
During the fundraising phase, AriseBank focused on issuing the token ARIS, promising that token holders could enjoy a series of exclusive rights related to bank deposits and payments, continuously amplifying the token's appreciation potential. But in fact, the project had neither real blockchain underlying technology support nor compliant financial business qualifications; the so-called "decentralized bank" was merely an empty shell concept.
The scam was quickly exposed, and the U.S. Securities and Exchange Commission (SEC) swiftly intervened, determining that its ICO activities were suspected of illegal securities issuance, and subsequently filed a lawsuit against the project team. Ultimately, AriseBank's ICO fundraising was urgently halted, the fraudulent actions of the operators were made public, and investors' funds were difficult to recover.
The project was led by CEO Jared Rice Sr and COO Stanley Ford, who deliberately concealed their criminal records and created a false impression of being "legitimate and trustworthy" through forged authoritative endorsements. They publicly claimed to have obtained a legal banking license in the United States and could provide FDIC federal deposit insurance for user deposits, fabricating a capital-protected and interest-bearing cryptocurrency financial service to attract a large number of investors.
During the fundraising phase, AriseBank focused on issuing the token ARIS, promising that token holders could enjoy a series of exclusive rights related to bank deposits and payments, continuously amplifying the token's appreciation potential. But in fact, the project had neither real blockchain underlying technology support nor compliant financial business qualifications; the so-called "decentralized bank" was merely an empty shell concept.
The scam was quickly exposed, and the U.S. Securities and Exchange Commission (SEC) swiftly intervened, determining that its ICO activities were suspected of illegal securities issuance, and subsequently filed a lawsuit against the project team. Ultimately, AriseBank's ICO fundraising was urgently halted, the fraudulent actions of the operators were made public, and investors' funds were difficult to recover.
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