US court judge dismisses Debt Box case & orders SEC to pay $1.8M fine

Inaltcoin news, crypto news, DEBT Box, Dismiss, Featured, Investing, Lawsuit

Finally Debt Box crypto project is out of the legal hurdles & simultaneously the American securities regulatory body faced a big penalty.

The United States Securities and Exchange Commission (SEC) regulates the spot money market in the US jurisdiction. This financial regulatory body has been a big hater against cryptocurrencies. In 2023, the US SEC filed a lawsuit against the crypto project Debt Box. As per SEC’s charges, the Debt Box team defrauded investors of $50 million and sold unregistered securities in the form of licenses to use their software to mine digital assets. Also in August, the SEC body temporarily froze the company’s assets.

On 28 May 2024, The US District Court Judge Robert Shelby of the District of Utah approved an order that requires the SEC to pay around $1 million in attorney fees and costs and $750,000 in receiver fees and costs. Also on the same day, the case was dismissed without prejudice by the judge.

Earlier in March, the court proceedings proved that the SEC body misused its authority against Crypto Debt Box over a temporary restraining order to freeze Debt Box’s assets.

Investigations & pieces of evidence provided by Debt Box lawyers showed that the SEC body made false statements and misrepresentations in attempting to obtain a temporary restraining order against the crypto firm.

The Debt Box team said that it is a very big win for the Debt Box because the case is now closed.

We have some fantastic news to share with our D.E.B.T. Box community today!
The U.S. District Court for the District of Utah has officially dismissed the SEC's case against us without prejudice. This means the case is closed, and any future action by the SEC would have to go… pic.twitter.com/aGiNVxMYbz
— D.E.B.T. (@TheDebtBox) May 28, 2024

Following this news, the trade price of Debt coin, the native token of the Debt Box project, surged 10% from $11.23 to $12.64 within a couple of hours.