Regulators in Australia Stop an ICO Sponsored By Renowned Cricketer, Michael Clarke

A trader established in Australia, Global Tech Trade, intended to collect $50 million via an ICO, though a public funding initiative was stopped by the Australian Securities Investments Commission (ASIC).


The trade was hoping to accumulate $10 to $50 million as capital for the building of a crypto exchange platform, as indicated by ICO Bench. The organization's token sale commenced on Sept 12 and was to continue up until Dec 10.

At present, Global Tech hasn’t announced the amount of cash its public funding effort had collected, nonetheless, the exchange professes to have complied with ASIC's requests to return the funds to the individuals who had put resources into its venture.

Michael Clarke "Has no more Connections with Global Tech"

Michael Clarke, a former professional Australian cricketer who is notable for exhorting the country to its fifth Cricket World Cup triumph, had embraced Global trade ICO's venture in Aug., which facilitated in attracting a lot of financial specialists from all over the planet. The Sports personality had told his supporters on social media that he was associated with the organization's crypto activities.

Nonetheless, the information distributed by the Australia-based trader presently expresses that "Michael Clarke is never again to be connected with Global Tech Trade." The organization has additionally finished a de-enlistment form that has now been documented with ASIC.

Prominently, Australia’s controller has put on hold five different ICOs since April of 2018. The controller clarified that a portion of the crypto token deals had been stopped in light of the fact that they didn't follow the nation's administrative procedures.

Superstar Supported ICO Fraud

There were likewise a couple of different undertakings that had been recognized as possible forms of chicanery, which the controller needed to close down forever. As a media house disclosed in April, the renowned former boxer, Floyd Mayweather and musical sensation DJ Khaled had supposedly been associated with underwriting, or advancing, a token sale overseen by Centra Tech.

Centra Tech was later accused of extortion by the U.S securities controller, the SEC and its ICO was closed down. At that time, Stephanie Avakian, the co-executive of the SEC's Department of Authorization, had stated:

“We assert that Centra acquired financial specialists on the guarantee of creative computerized innovations by utilizing a modern promoting effort which turned to be a trap of lies about their alleged associations with real organizations.”

Centra had professed to have joined forces with leading global payments and tech firms such as Visa and MasterCard and also went to the extent of making counterfeit identification cards for its officials, as per the U.S controller. A prominent media outlet, TMZ has revealed this occurrence once again, as of late, but, there seems, by all accounts, to be no fresh, additional, data associated with this token deal fraud.

1 year ago

Start Weekly Digest

Similar news