UnitedData charged for a 42 mln ICO scam

Eran Eyal, founder of UnitedData, has been charged by the Securities and Exchange Commission (SEC) for conducting a fraudulent initial coin offering (ICO) and scamming investors out of 42 million dollars.
Even though Eyal presented Shopin as a blockchain project, a functional platform was never created even though the funds were, indeed, accumulated. UnitedData said that it will gather funds to create universal shopper profiles through selling Shopin tokens and those profiles would be maintained by blockchain while tracking customer purchase histories across online retailers and recommending products based on the information gathered.
The funds were gathered between August 2017 to April 2018, but Shopin never created a functional platform. Eyal, however, lied many times about partnerships with well-known retailers and about prominent investors being involved with the project.
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