
SEC Files Lawsuit on Dragonchain for Its $16.5M ICO
The SEC said that Dragonchain continued with the sale of the DRGN tokens even after their warning about security tokens.
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Dragonchain is a cryptocurrency using the Dragon Tokens as a means of payment for commercial services on the blockchain platform. Dragonchain was originally developed at Disney’s Seattle office in 2015 and 2016 as the Disney Private Blockchain Platform. The platform was later released as open 2 source software under the Apache 2 license in October of 2016. The ICO start date was on October 2nd, 2017. Dragonchain cryptocurrency is a digital DRGN token of the decentralized blockchain platform, which was created in 2014 by Walt Disney. Initially, this project was developed for internal use, but after the popularity of everything that is based on blockchain technology, the team decided to create an open source code.
The SEC said that Dragonchain continued with the sale of the DRGN tokens even after their warning about security tokens.