Purchasers Or Acquirers Of Consumer Activity Tokens, Issued By BitClave, From July 25, 2017 Through May 27, 2020, Inclusive, May Be Entitled To Receive A Monetary Payment From The BitClave Fair Fund

WASHINGTON, April 20, 2023 /PRNewswire/ -- The following statement is being issued by the BitClave Fair Fund:

If you purchased or otherwise acquired Consumer Activity Tokens ("CAT" or the "Security"), issued by BitClave, from July 25, 2017 through May 27, 2020, inclusive (the "Relevant Period"), you may be entitled to receive a monetary payment from the BitClave Fair Fund ("Fair Fund").

Background

On May 28, 2020, the Commission¹ issued the Order against BitClave. In the Order, the Commission found that from June 2017 through November 2017, BitClave offered and sold securities in the form of digital tokens, known as CAT, to fund the development of a blockchain-based search platform for targeted consumer advertising. As a part of this process, BitClave conducted an initial coin offering (the "Offering") in which it raised approximately $25.5 million through the issuance of CAT. By their conduct, the Commission found that Respondent violated Sections 5(a) and 5(c) of the Securities Act by failing to file a registration statement as to the Offering of CAT, and sold CAT to thousands of investors. The Commission ordered the Respondent to pay a total of $29,344,197 in disgorgement, prejudgment interest, and civil money penalties to the Commission, pursuant to a payment plan detailed therein. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalty paid, along with the disgorgement and interest paid, can be distributed to harmed investors.

The Fair Fund includes $12,000,000 paid to date by Respondent and any additional funds paid pursuant to the Order will be added to the Fair Fund. The Fair Fund has been deposited at the United States Department of the Treasury's Bureau of the Fiscal Service ("BFS") for investment, and any accrued interest will be for the benefit of the Fair Fund.

Who is included?

This Fair Fund is designed to compensate investors based on their losses from a digital asset security, CATs, issued by BitClave and purchased from July 25, 2017 through May 27, 2020, inclusive (the "Relevant Period"). Investors who did not purchase the Security during the Relevant Period or who are an Excluded Party are ineligible to recover under this Plan.

How to Participate

If you believe you are an Eligible Claimant and would like to participate, you can submit a claim online at www.BitClaveFairFund.com or request a Proof of Claim Form be sent to you by calling 1-888-792-0204 or emailing [email protected]. Fill out the Proof of Claim Form completely, including copies of all the required supporting documentation.

Deadline to Submit a Claim: August 8, 2023

More Information

If you need assistance completing the Proof of Claim Form or if you have any questions about this Fair Fund, you may obtain more information by visiting the Fair Fund website at www.BitClaveFairFund.com, by calling the dedicated toll-free number at 1-866-792-0204 or by sending an email inquiry to [email protected]. Or you can contact the Fund Administrator via post at:

BitClave Fair Fund
Fund Administrator
c/o KCC Class Action Services
P.O. Box 6162
Novato, CA 94948-6162

¹ All capitalized terms used herein but not defined shall have the same meanings ascribed to them in the Plan of Distribution.

SOURCE BitClave Fair Fund