DORA suspects three bitcoin-related firms for illegal crypto activities

With an increasing rate of fraudulence in Colorado, the investigation team headed by the Colorado Department of Regulation Agencies is in full swing. The squad is indulged in investigating and examining the workings of three cryptocurrency firms who they deem are involved in unregulated and illegal activities related with bitcoin to make quick money. Despite being ordered by the commissioner, these three firms didn’t appear at the hearing to present evidence against the allegations.

The Investigation

The investigation was conducted by the members of DORA and one of the task force of Initial Coin Offerings in the three firms. The investigation squad was of the opinion that the three cryptocurrency firms were guilty of promoting the unaccredited ICO throughout the state. If their activities are overlooked and not taken into consideration by the investigating in charge, then the crime of fraudulence would grapple the country’s wellbeing.

The individuals or companies that are involved in the illegal promotion of ICO are a threat to the investors in Colorado. That's why the task force started its investigation from May onwards.

Gerald Rome who is the commissioner at Colorado Securities has given a written order to the three suspected cryptocurrency firms. He believes that they have been indulging in making quick money that stems from an illegitimate source. The name of the companies that were issued orders at present are:

  • Bionic Coin
  • Syberlab LTD
  • Global Pay Net

    Companies that were given orders before these three were:

  • Bitcoin Investments Ltd
  • Bitconnect Ltd
  • Estatex
  • Magma Foundation

    The court orders were given so that these alleged firms could present any evidence or prove something from their side. However, none of these firms listed above presented themselves at the hearing that was scheduled August 24th as reported by the representative of DORA to

    As none of these accused showed up at the hearing, it is unlikely that there would be another hearing. Instead, the Division would pass the case to the administrative judge. The judge, in the timespan of two weeks, would then determine whether the Division allegations against the three firms are justified through factual evidence. At that point, the commissioner would call a halt to the orders.

    Activities of Bionic, Syberlabs and Global Pay Net

    Bionic promises its users that it would help them grow their money without any effort and in the process gives them incentives as well. The motives are of 10,000 tokens on each post or blog the post on social media websites to promote the ICO. The investigation team still couldn’t find a single identification or the controlling head of the Bionic website.

    The DORA investigation explains that the Syberlabs motivates its users to promote the investment pool and involve other members with them by giving them souvenirs and marketing products.

    Based on Blockchain technology, the Global Pay Net provides a financial platform for the promotion of ICO on an international level. The company also offers its users an incentive of five thousand GLPN coins on each post on social media. The DORA investigation team is still indecisive whether this company is engaged in Cryptocurrency illegal activities as two of the virtual currency experts in the firm denied their involvement.

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