BitClave Seems Unlikely to Ever Pay $29 Million Settlement

A company that was heralded as the "New Google" settles with the SEC, agreeing to return $29 million to ICO investors, in addition to a $400,000 penalty.

Listen to article A company once heralded as a "Decentralized alternative" to Google recently settled with the SEC.BitClave suffered a near-immediate collapse in priceThe project's token price collapsed almost immediately upon change listing and never recovered.

Seemingly the dream of a "Decentralized" Google never materialized.

The company's website does not have a link to a GitHub repository.

The company was headquartered in San Jose, California, which may have increased its vulnerability to regulator enforcement.

Considering that its market capitalization has collapsed and the overall depreciation of crypto assets since its heyday, it is unlikely the company will be able to fulfill its obligations.

"Although BitClave agreed to pay approximately $29 million, it doesn't necessarily mean they presently have all of the funds to do so. It is customary in such settlements to stipulate the maximum amount to the extent it is recoverable. The SEC and the law offer the maximum protection to the wronged party."

32-Second ICOBitClave raised $25.5 million in 32 seconds in 2017, now it has to return the funds to 9,500 investors, plus interest and penalty.

Before & afterAs the news hit the internet, the "Team" section disappeared from the website.

Considering the apparent lack of the development progress on the part of BitClave, it is unlikely that even the "Safe Harbor" framework proposed by the SEC commissioner Hester Peirce, would not have helped this failed startup.