The value of the token was minimal for months amid a shuffle with the SEC.
In the current bearish crypto market, good news is rare for traders. However, one project stunned the market as the new year kicked in.
Paragon (PRG), the token issued by a Blockchain firm aiming to reshape the cannabis industry, spiked above $10 in the last 24 hours from merely $0.1 - a rise of 9,650 percent.
However, this turned out to be a pump-and-dump scheme as the value of the coin tanked to $0.3 hours after reaching its peak.
Moreover, the sudden surge in trading happened in only one exchange - YouBit. Though the value of the coin surged in STEX - the exchange which handles more than 93 percent of PRG tradings - with the market flow, the spike was not as much as on YoBit.
While all of you losers where holding your precious Bitcoins, convinced that it’s a great technology and not a scam because it’s up 600% over the last few years, Paragon went up 6000% over four hours, proving that its technology is far superior and that it’s much less of a scam.
Paragon Chain is a California-based company developing blockchain-based solutions for the cannabis industry. It aims to improve the supply chain of cannabis by leveraging smart contracts, and blockchain-based database architecture. The company is even trying to get involved in the entire lifecycle of cannabis - from seed to sale.
The cannabis sector is still very controversial in the United States, even in the states that allow recreational use of the substance. To ease the operation of the companies dealing with cannabis, Paragon Chain also launched ParagonSpace - a coworking space aimed at cannabis firms in California.
Scuffle with the SEC
Paragon, however, because of its business model appeared on the Securities and Exchange Commission's (SEC) radar.
After a long fight, the SEC declared the PRG tokens as securities accusing the firm of violating US securities laws by launching an Initial Coin Offering (ICO)). The market regulator, in last November, ordered the promoters of the project to refund the ICO investors participating before October 15, 2017. On top of that, the company was fined with $250,000.
Commenting after the SEC decision, Jessica VerSteeg, CEO of Paragon said: “Working shoulder to shoulder with an amazing team of lawyers from Schulte Roth & Zabel LLP, as well as an extremely knowledgeable team at the SEC, we have been able to reach this trailblazing deal that we expect will serve as the model for compliance for ICOs going forward.”
The PRG token also spiked abnormally twice in last December, the first one being a momentary rise of 1,122 percent.
In the current bearish crypto market, good news is rare for traders. However, one project stunned the market as the new year kicked in.
Paragon (PRG), the token issued by a Blockchain firm aiming to reshape the cannabis industry, spiked above $10 in the last 24 hours from merely $0.1 - a rise of 9,650 percent.
However, this turned out to be a pump-and-dump scheme as the value of the coin tanked to $0.3 hours after reaching its peak.
Moreover, the sudden surge in trading happened in only one exchange - YouBit. Though the value of the coin surged in STEX - the exchange which handles more than 93 percent of PRG tradings - with the market flow, the spike was not as much as on YoBit.
While all of you losers where holding your precious Bitcoins, convinced that it’s a great technology and not a scam because it’s up 600% over the last few years, Paragon went up 6000% over four hours, proving that its technology is far superior and that it’s much less of a scam.
Paragon Chain is a California-based company developing blockchain-based solutions for the cannabis industry. It aims to improve the supply chain of cannabis by leveraging smart contracts, and blockchain-based database architecture. The company is even trying to get involved in the entire lifecycle of cannabis - from seed to sale.
The cannabis sector is still very controversial in the United States, even in the states that allow recreational use of the substance. To ease the operation of the companies dealing with cannabis, Paragon Chain also launched ParagonSpace - a coworking space aimed at cannabis firms in California.
Scuffle with the SEC
Paragon, however, because of its business model appeared on the Securities and Exchange Commission's (SEC) radar.
After a long fight, the SEC declared the PRG tokens as securities accusing the firm of violating US securities laws by launching an Initial Coin Offering (ICO)). The market regulator, in last November, ordered the promoters of the project to refund the ICO investors participating before October 15, 2017. On top of that, the company was fined with $250,000.
Commenting after the SEC decision, Jessica VerSteeg, CEO of Paragon said: “Working shoulder to shoulder with an amazing team of lawyers from Schulte Roth & Zabel LLP, as well as an extremely knowledgeable team at the SEC, we have been able to reach this trailblazing deal that we expect will serve as the model for compliance for ICOs going forward.”
The PRG token also spiked abnormally twice in last December, the first one being a momentary rise of 1,122 percent.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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