Gladius Sends Message To ICOs: It's Time To Come In From The ColdDollar Destruction | Dollar Destruction
After the blockchain company self-reported its unregistered securities offering, it walked away without paying a fine. The Securities and Exchange Commission (SEC) today issued a press release announcing it has instituted cease-and-desist proceedings against Gladius Network LLC, basically thwarting the unregistered initial coin offering (ICO) that the startup launched in 2017. The big deal is that Gladius got off without having to pay a penalty. So, it's a truce, of sorts. Since the time Gladius rolled out its growth plan, the blockchain-enabled cybersecurity services company generated nearly $13 million. The goal was to build a network for renting spare computer bandwidth. The firm also intended to incorporate transaction processing that is comparatively fast and affordable. Gladius had agreed in advance of today's SEC announcement that it would submit a settlement offer – it had turned itself in to the SEC in mid-2018. Surely, the growing sound of alarms over ICO fraud, theft, and