The SEC won a partial victory in the case against Opporty International: the fraudulent ICO raised $600,000 from 200 investors, the sale of tokens in the US violated the law ⚖️

The U.S. SEC won a partial victory against blockchain firm Opporty International and its owner Sergii Grybniak in a case over an alleged fraudulent initial coin offering (ICO). In a Sept. 24 ruling, U.S. District Judge Eric Komitee determined that Opporty’s “OPP” tokens, sold between 2017-2018, qualified as unregistered securities under the Howey test. Although Grybniak argued the token sale fell under Reg D/S exemptions, the judge found Opporty’s ICO did not meet those requirements due to its targeted U.S. marketing. The ICO raised $600,000 from around 200 investors.