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.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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