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Suit alleges Unikrn initial coin offering broke SEC rules, esports betting startup calls claim meritless

Sood said Unikrn is aware of the lawsuit and has retained Seattle firm Perkins Coie to “vigorously defend” the company. Sood and Jean-Jacques Cabou, a partner at Perkins Coie, declined to comment on the specifics of the case. Sood said the company will keep its head down “building the most amazing blockchain-powered esports experiences on Earth. We are focused on that, even in the face of meritless litigation like this.” In the lawsuit, Hastings alleges that Unikrn attempted to avoid federal securities laws by claiming its currency represented a “utility token” — essentially a digital coupon that could be exchanged for services and items on the company’s platform — rather than an investment intended to bring profit for buyers. “Defendants have crafted a flimsy façade that UKG Tokens are not securities by claiming they are utility tokens,” according to the suit. Hastings goes on to argue that “in reality, the UnikoinGold ICO was an offer and sale of securities. Indeed, it is evident that investors were purchasing UKG Tokens with the expectation that those tokens would increase in value and become worth more than the virtual currencies invested.” Unikrn  raised $31 million  in  the ICO this past October  for UnikoinGold, a cryptocurrency created by the company that can be used on its platform to bet on esports matches. Participants included Unikrn investor Mark Cuban and Ethereum co-founder Anthony Diiorio,  who sits on Unikrn’s advisory board . Sood previously broke down the difference between investing in an ICO versus taking venture funding in an interview with GeekWire , and his comments point more toward the utility of the token rather than its value as an investment. “Venture funding is when you sell a piece of equity to a venture fund,” Sood explained at the time.

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How to fix a college football game and influence its outcome -- in four steps

"We used to purposefully put [that sort of bettor] in the situation that you wanted," Franzese explained. 2. Present a way for them to get even: Shave points. If the spread is 10, the mark might be instructed get the final margin to two touchdowns. If it is 13, a couple of timely turnovers might push the final margin to 20.

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