The enforcement division of the U.S. securities and exchange Commission (SEC) submitted a report for fiscal year 2020, according to which during this period the amount of seizures and fines as a result of its activities approached $4.7 billion.
More than a quarter of this amount came from the telegram Open Network project's tokensale. In total, about $1.26 billion was received as a result of the prosecution of the organizers of illegal initial coin offerings (ICOS).
"The Commission received opinions and orders from the courts totaling about $4.68 billion in the form of misappropriated funds and fines. This is the largest amount ever, " said Stephanie Avakian, Director of the SEC's enforcement Division.
In total, during the period under review, the SEC took legal measures against eight ICO projects. Telegram agreed to return $1.2 billion to investors and pay a $ 18.5 million fine. The regulator also pursued the organizers of the kin ICO, who were subsequently fined $5 million.
The projects Bitclave, Shopin, NAC Foundation, Unikrn, Boon Tech and Bitcoiin2Gen in total were confiscated about $40 million. the NAC Foundation continues to fight the SEC, claiming that the plaintiff misled the court.