US SEC charges Nova Labs with unregistered cryptocurrency securities offering and defrauding investors

Odaily News According to official news, the US SEC accused Nova Labs of issuing crypto assets as securities without registration and defrauding investors.
From April 2019 to the present, Nova Labs engaged in an unregistered offering and sale of securities when it offered and sold electronic devices called “Hotspots” (used to mine Nova Labs’ crypto assets) and “Discovery Mapping” (a program that allows users to exchange their private data for Nova Labs’ crypto assets). Nova Labs also allegedly made materially false and misleading statements to potential investors about well-known companies such as Lime, Nestle, and Salesforce, claiming that these companies were using, currently using, or relying on Nova Labs’ wireless network when in fact they were not.