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SEC Regulation in Cybercurrency

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Jun 22nd, 2016

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We have contacted the SEC (Securities Exchange Commission) to raise awareness of the developments in Ethereum and specifically concepts like the DAO. While we generally support the innovations in cryptography and cybercurrency, the current "wild-west" environment presents dangerous pitfalls for potential investors, as the DAO attack has shown. As such, regulation is required to protect investors in the United States and abroad. We are currently in contact with investigators at the SEC, the ESC (European Securities Committee) and the MAS (Monetary Authority of Singapore) to explore this matter.
We urge the community to reach out to both the above mentioned authorities, as well as their own national regulators to explore possible measures to protect investors and to establish liability for fraudulent investment schemes. Please see below an excerpt of a Tip Complaint Referral Form Submitted to the SEC. Further information will follow shortly.
We are an anonymous collective concerned with the lack of regulation in the cybercurrency sector.
TCR Submitted Successfully - Reference Number: TCR1466578092053
Tell us about your complaint
Please select the option that best describes your complaint
If your complaint does not fit in any of the categories above, please describe below
Provide additional details about your complaint:
Dear SEC Investigators, Someone close to me lost over $10000 in a cybercurrency like investment fund that was allegedly hacked for $50m shortly after. Most importantly, this investment was touted as safe and secure by its inventors and now it is the opposite. I hope the SEC can look into this and recover the funds. I've included a news article for your convenience. "Sometime in the early hours Friday, a thief made off with $50 million of virtual currency. The victims are investors in a strange fund called the DAO, or Decentralized Autonomous Organization, who poured more than $150 million of a bitcoin-style currency called Ether into the project. Code was supposed to eliminate the need to trust humans. But humans, it turns out, are tough to take out of the equation. The people who created the DAO saw it as a decentralized investment fund. Instead of leaving decisions to a few partners, anyone who invested would have a say in which companies to fund. The more you contributed, the more weight your vote carried. And the distributed structure meant no one could run off with the money." http://www.nytimes.com/2016/06/18/business/dealbook/hacker-may-have-removed-more-than-50-million-from-experimental-cybercurrency-project.html?_r=0 http://www.wired.com/2016/06/50-million-hack-just-showed-dao-human/
Are you having or have you had difficulty in getting access to your funds or securities?
Yes
Did you suffer a loss?
No
When did you become aware of the alleged conduct? (mm/dd/yyyy)
06/17/2016
When did the alleged conduct begin? (mm/dd/yyyy)
05/01/2016
Is the alleged conduct ongoing?
Yes
Has the individual or firm acknowledged the alleged conduct?
No
What is the source of your information? You may select more than one
Publicly available information;
Have you taken any action regarding your complaint? You may select more than one
None;
Who are you complaining about?
Are you complaining about an individual or a firm?
Firm
Select the title that best describes the individual or firm that you are complaining about:
Other
For Other Firm, please specify:
Cybercurrency Fund
If you are complaining about an entity or individual that has custody or control of your investments, have you had difficulty contacting that entity or individual?
Yes
Telephone:
Identifier Type:
Unknown
Are you or were you associated with the individual or firm when the alleged conduct occurred?
No
Products involved
Select the type of product involved in your complaint:
Other
Please select the category that best describes your security product:
High-yield investment programs
Enter the product name(s):
DAO
About you
*Are you submitting this tip, complaint or referral pursuant to the SEC's whistleblower program?
No
*Are you submitting this tip, complaint or referral anonymously? Being able to contact you for further information or clarification may be helpful.
Yes
**Are you represented by an attorney in connection with your submission?
No

RAW Paste Data

We have contacted the SEC (Securities Exchange Commission) to raise awareness of the developments in Ethereum and specifically concepts like the DAO. While we generally support the innovations in cryptography and cybercurrency, the current "wild-west" environment presents dangerous pitfalls for potential investors, as the DAO attack has shown. As such, regulation is required to protect investors in the United States and abroad. We are currently in contact with investigators at the SEC, the ESC (European Securities Committee) and the MAS (Monetary Authority of Singapore) to explore this matter. 

We urge the community to reach out to both the above mentioned authorities, as well as their own national regulators to explore possible measures to protect investors and to establish liability for fraudulent investment schemes. Please see below an excerpt of a Tip Complaint Referral Form Submitted to the SEC. Further information will follow shortly.

We are an anonymous collective concerned with the lack of regulation in the cybercurrency sector.

TCR Submitted Successfully - Reference Number: TCR1466578092053
Tell us about your complaint
Please select the option that best describes your complaint
If your complaint does not fit in any of the categories above, please describe below
Provide additional details about your complaint:
Dear SEC Investigators, Someone close to me lost over $10000 in a cybercurrency like investment fund that was allegedly hacked for $50m shortly after. Most importantly, this investment was touted as safe and secure by its inventors and now it is the opposite. I hope the SEC can look into this and recover the funds. I've included a news article for your convenience. "Sometime in the early hours Friday, a thief made off with $50 million of virtual currency. The victims are investors in a strange fund called the DAO, or Decentralized Autonomous Organization, who poured more than $150 million of a bitcoin-style currency called Ether into the project. Code was supposed to eliminate the need to trust humans. But humans, it turns out, are tough to take out of the equation. The people who created the DAO saw it as a decentralized investment fund. Instead of leaving decisions to a few partners, anyone who invested would have a say in which companies to fund. The more you contributed, the more weight your vote carried. And the distributed structure meant no one could run off with the money." http://www.nytimes.com/2016/06/18/business/dealbook/hacker-may-have-removed-more-than-50-million-from-experimental-cybercurrency-project.html?_r=0 http://www.wired.com/2016/06/50-million-hack-just-showed-dao-human/
Are you having or have you had difficulty in getting access to your funds or securities?
Yes
Did you suffer a loss?
No
When did you become aware of the alleged conduct? (mm/dd/yyyy)
06/17/2016
When did the alleged conduct begin? (mm/dd/yyyy)
05/01/2016
Is the alleged conduct ongoing?
Yes
Has the individual or firm acknowledged the alleged conduct?
No
What is the source of your information? You may select more than one
Publicly available information;
Have you taken any action regarding your complaint? You may select more than one
None;
Who are you complaining about?
Are you complaining about an individual or a firm?
Firm
Select the title that best describes the individual or firm that you are complaining about:
Other
For Other Firm, please specify:
Cybercurrency Fund
If you are complaining about an entity or individual that has custody or control of your investments, have you had difficulty contacting that entity or individual?
Yes
Telephone:
Identifier Type:
Unknown
Are you or were you associated with the individual or firm when the alleged conduct occurred?
No
Products involved
Select the type of product involved in your complaint:
Other
Please select the category that best describes your security product:
High-yield investment programs
Enter the product name(s):
DAO
About you
*Are you submitting this tip, complaint or referral pursuant to the SEC's whistleblower program?
No
*Are you submitting this tip, complaint or referral anonymously? Being able to contact you for further information or clarification may be helpful.
Yes
**Are you represented by an attorney in connection with your submission?
No