US SEC accuses Bitqyck and its founders of operating unregistered digital asset exchanges

The US Securities and Exchange Commission announced a lawsuit against Bitqyck Inc. and its founders alleging that it was suspected of defrauding investors by issuing securities and operating an unregistered exchange. It is reported that Bitqyck and founders Bruce Bise and Sam Mendez raised more than $13 million from more than 13,000 investors by creating and selling digital assets Bitqy and BitqyM. Investors reportedly received $4.5 million in new investors recommended by Bitqyck, but lost more than two-thirds of their investment in Bitqyck.