According to CoinDesk, the federal court ordered ICOBox to pay a US $ 16 million fine to the US SEC because ICOBox violated US securities laws. However, in the course of implementation, the SEC may not be able to obtain this fine temporarily. The founder of ICOBox has already moved out of his home after two months of rent arrears, and his Cayman Islands agent has also left, and no one has taken over. On March 5, the District Court for the Central District of California approved the SEC's motion for a default judgment on the ICOBox platform and its founder and CEO Nikolay Evdokimov.
The SEC first filed a lawsuit against ICOBox in September 2019, accusing the company of an unregistered sale of securities. Regulators have also accused the company of acting as an unlicensed securities broker in more than 30 token transactions. Evdokimov raised $ 14.6 million from more than 2,000 unauthorized investors through its 2017 ICO. As part of the ruling, ICOBox will be fined $ 16 million, while Evdokimov will have to pay more than $ 192,000 in personal fines.