Quantstamp raised close to $28.35 million in ether and stablecoin USD through the sale of its QSP token to more than 5,000 investors back in 2019, the SEC said.
The firm released a white paper in 2017 describing its plans to create a protocol on the Ethereum blockchain to “provide automated security audits of smart contracts,” the agency said on July 21 in a“In public statements, Quantstamp emphasized the large market potential for the smart contract security auditing product it planned to develop, and led QSP purchasers to expect that the value of their tokens would increase with the success of Quantstamp’s enterprise,” the SEC said.
The test has four prongs, including whether there is an expectation of profits that is derived from the efforts of others, a common enterprise or an investment of money. Quantstamp settled without admitting or denying the SEC’s charges. The SEC also established a fair fund to return money paid by Quantstamp back to investors.
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