Investors who invested in Initial Coin Offerings (ICOs) or purchased “digital tokens” may be wondering whether their investment is governed by any laws. Likewise, investors may be wondering if they have any recourse when they expect fraud or the ICO disclosures failed to provide material information.
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The first modern cryptocurrency, Bitcoin, took the financial world by storm with its meteoric rise in 2009. As Bitcoin’s value and popularity grew, cryptocurrencies – virtual funds that exist within a decentralized currency system – have steadily gained their place within the modern financial market, despite their high volatility and lack of benchmark for evaluation.
The current market value of one Bitcoin is $6766 US Dollars. Stories of early investors such as Erik Finman, who purchased Bitcoin for $12 US Dollars a coin, motivate many to seek the same success by investing in Bitcoin and new coins alike. In the aftermath of the Bitcoin boom, the frenzy and excitement over these novel investment options have led to the emergence of numerous cryptocurrencies and online exchange platforms.
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