EOS Gets Down By 8 Percent-The Lowest Since Its Recent High

EOS gets down by 8 percent on the day which is also down from its recent high of the $3 price level per token last week and most of the market is in red as we are about to see in the EOS news below.

EOS has been riding a slight uptick in the price after the decision from the SEC that many of the analysts believed that this is an implicit green light for the token as a non-security. At the start of October, the Securities and Exchange Commission sanctioned the EOS issues Block.
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one over its 2017 ICO but only fined the company a half percent of the billions it had raised during the sale. After the ruling of the SEC, the price of the EOS jumped by more than 4 percent but the rally didn’t last. The token lost most of the gains and after the drop to around $2.90 days after the SEC ruling. The price of EOS has since corrected to around $2.93 per token. This is not only bad news for the EOS holders. Earlier this week, Block.one was forced to address a hack that dramatically affected the EOS-based gambling platform EOSPlay. More than 110,000 worth of EOS funds disappeared in a matter of moments as a result of the hack. EOS gets down now after the recent developments.

EOS Creator Block. One has to pay up to $24 million in penalties for conducting unregistered securities sale according to the US Securities and Exchange Commission announced just a few days ago as per the reports that we have in our crypto news today.

The SEC stated in a press release that Block. One ‘’raised the equivalent of several billion dollars’’ over a one-year period in an unregistered initial coin offering where a total of $4.1 billion was raised and the EOS creator agreed to settle the charges according to the SEC. The fine amounts to 0.0058 percent of the initial raise. The press release also highlighted that Block. One’s token sale started very soon before the SEC released the DAO reports but it ‘’continued for nearly a year after the report’s publication.’’ The company didn’t comply with the securities registration requirements and did not register the sale as the SEC stated.