The SEC has sued Nova Labs for fraud and registration violations
2025-01-19 00:17:58
On January 19, the Securities Exchange Commission charged Nova Labs, Inc. ("Nova Labs") with allegedly offering cryptoassets as securities in an unregistered manner and defrauding investors. According to the SEC complaint, from April 2019 to the present, Nova Labs made unregistered securities offers and sales while providing and selling electronic devices called "Hotspots" (used to mine Nova Labs' cryptoassets) and "Discovery Mapping" (a program that allows users to exchange their private data for Nova Labs' cryptoassets). The SEC seeks a permanent injunction, forfeiture of ill-gotten gains, payment of pre-judgment interest and civil penalties against Nova Labs.
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