United States of America: Announced SEC Public Lawsuit against Hydrogen Technology Corporation and others regarding unregistered crypto asset securities

On 28 September 2022, the US Securities and Exchange Commission (SEC) announced that it had filed charges in federal court against Hydrogen Technology Corporation, its former CEO Michael Ross Kane, and Moonwalkers Trading Limited for allegedly effectuating the unregistered sales of crypto asset securities called "Hydro" and for perpetrating a scheme to manipulate the trading volume and price of those securities. These tokens were then sold in the artificially inflated market, generating over USD 2 million in profit for Hydrogen. The SEC claims that the actions of Kane, Moonwalkers, and their CEOs violated registration, anti-fraud, and market manipulation provisions of US securities laws.