BitQyck Founders Agree to Return $8.4m to Defrauded Investors

Numerous ICO projects have been flagged as illegal securities. A lot of those companies are now under investigation by the SEC. The company behind BitQyck, which allegedly defrauded investors, had its founders agree to pay $8.4m in damages. This is a key development for current and future investigations. 

The BitQyck Scheme

While many people assumed the BitQyck token was perfectly legitimate, it did not take long to notice something was amiss. Bruce Bise and Sam Mendez are the individuals founding this project and associated company. As part of their token sale, they sold two different assets to thousands of investors. Both BitqyM and Bitqy combined for $13m in funding.

Of that money. $4,5m was paid to users who referred others to this token sale. It was a Ponzi Scheme waiting to collapse, however. The company claimed the Bitqy token was equal to a fractional share stock in the trading platform. The BitqyM tokens were issued to fund a cryptocurrency mining setup. Most of these claims were nothing but blatant lies. 

The SEC Investigates

Once the SEC got wind of the BitQyck ploy, they tried to shut it down immediately. Additionally, they charged both founders with defrauding investors and running an unlicensed trading platform. The mining operation associated with BitqyM was never created, which is where the fraud claims originate from. 

The Bitqy token itself was only available for trading on TradeBQ, which was also operated by the same two individuals. While Bitqy had a use case in the form of an “online daily deals platform”, that platform served an entirely different purpose. It is evident that both individuals had major plans to deceive investors from day one, and will now pay the price for doing so. 

The Final Verdict

Despite overwhelming evidence collected by the SEC, neither Bise nor Mendez pleaded guilty to any of the charges they faced. Instead, they agreed to the final judgments without further complaints. Both men will pay disgorgement, civil penalty, and prejudgment interest. 

BitQyck, as a company, will pay a penalty of just under $8.4m. This is the money owed to investors, for the most part. It is a good thing to see the SEC crack down aggressively on ICO projects which fraudulently offered securities to investors. Especially those companies which claim to provide a business model which doesn’t exist in the real world. 


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

73 Comments

  1. Marlon July 20, 2020
  2. ปั้มไลค์ July 22, 2020
  3. SMS July 22, 2020
  4. zortilo nrel January 25, 2021
  5. buy tadalafil February 7, 2021
  6. buy chloroquine uk February 7, 2021
  7. hydroxychloroquine online February 7, 2021
  8. zithromax 1000mg February 7, 2021
  9. House Clearance Barry February 9, 2021
  10. personal finance coach February 9, 2021
  11. redraw to vector February 10, 2021
  12. web page February 10, 2021
  13. Comprar casa em Itu February 10, 2021
  14. Idcash88 slot deposit pulsa February 10, 2021
  15. elementor page builder February 12, 2021
  16. elementor wordpress February 12, 2021
  17. weight loss February 13, 2021
  18. Psilocybin February 14, 2021
  19. Afiliados February 14, 2021
  20. Caleb's Auto Detailing February 14, 2021
  21. tela para berço February 15, 2021
  22. at this February 16, 2021
  23. TS911 February 16, 2021
  24. Mpo383 February 16, 2021
  25. DIY Hot Tub Cover February 16, 2021
  26. solar company in melaka February 17, 2021
  27. Free Fire Names February 18, 2021
  28. elderberry February 18, 2021
  29. Noticias Online February 18, 2021
  30. internet hız testi February 19, 2021
  31. Best online deals February 19, 2021
  32. tadalafil gel February 20, 2021
  33. e-commerce February 20, 2021
  34. Seguro Cooperativo February 21, 2021
  35. videos February 21, 2021
  36. stock price of slv February 23, 2021
  37. air cushion vehilce February 23, 2021
  38. Dow Theory February 23, 2021
  39. pop over to this web-site February 23, 2021
  40. make a free logo 2021 February 24, 2021
  41. Moon.chat February 24, 2021
  42. Cars on rent app February 24, 2021
  43. solar company in melaka February 25, 2021
  44. malaysia solar February 25, 2021
  45. imoveis em condominio February 26, 2021
  46. riserva golf February 26, 2021
  47. aerodeslizador February 28, 2021
  48. Click here March 2, 2021
  49. blog March 2, 2021
  50. Comprar Biquíni March 4, 2021
  51. Home Loans Sydney March 4, 2021
  52. florais de bach March 4, 2021
  53. reboco March 5, 2021
  54. site de piercing March 5, 2021
  55. Psicanalista March 5, 2021
  56. Cupom de desconto ETNA March 6, 2021
  57. สมัคร joker March 7, 2021
  58. Idnpoker March 7, 2021

Leave a Reply