Distribution of the ShipChain Fair Fund Established by the Securities and Exchange Commission

CHANHASSEN, Minn., Feb. 25, 2025 /PRNewswire/ --

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

ADMINISTRATIVE PROCEEDING
File No. 3-20185

In the Matter of ShipChain, Inc., Respondent.

On December 21, 2020, the Commission instituted and simultaneously settled cease-and-desist proceedings (the "Order") against ShipChain, Inc. ("ShipChain" or the "Respondent"). In the Order, the Commission found that from late 2017 to early 2018, ShipChain raised approximately $27.6 million by selling more than 145 million digital assets ("SHIP tokens") in an initial coin offering ("ICO"). ShipChain told investors that ShipChain would use the funds raised in the ICO to develop a blockchain platform. ShipChain violated Sections 5(a) and 5(c) of the Securities Act of 1933 by offering and selling these securities without having a registration statement filed or in effect with the Commission or qualifying for exemption from registration with the Commission. The Commission ordered the Respondent to pay a $2,050,000.00 civil money penalty to the Commission.

The Respondent in this matter paid a total of $2,050,000 to the Commission. By Order entered December 21, 2020, the Commission established a Fair Fund, so the civil penalties paid by the Respondent could be distributed to harmed investors.

To receive a payment from the Fair Fund, you must satisfy the following: 1) You must have suffered a loss as a result of your purchases of SHIP tokens during the period of time between October 1, 2017 through- January 3, 2018, inclusive (the "Relevant Period") as calculated in accordance with the Plan of Allocation attached as Exhibit A to the Plan of Distribution (the "Recognized Loss"); (2) your Recognized Loss must equal or exceed $10.00; and 3) You are not an Excluded Party as defined in the Plan of Distribution (the "Plan").

You can obtain a Certification Form by visiting www.ShipChainFairFund.com. To submit a Certification Form by mail, you must submit it, along with all supporting documentation to ShipChain Fair Fund, c/o Analytics Consulting LLC, Distribution Agent, P.O. Box 2002, Chanhassen, MN 55317-2002.   All Certification Forms are due by April 21, 2025.

For more information:

Copies of the Plan, the Plan Notice, and the Certification Form are available at www.ShipChainFairFund.com as well as background information. You may also call 1-833-476-9129 or email the Fund Administrator at [email protected].

SOURCE Analytics Consulting, LLC