Wow this is pretty damning stuff in the SEC case against the **Titanium (BAR) project**. The SEC case alleges Titanium Blockchain Infrastructure Services, Inc. and in particular its activities around their ICO as "investment fraud."

**Here's the title page detailing the case:**

![Screenshot 2018-05-29 22.33.06.png](https://cdn.steemitimages.com/DQmUtt8CiGSVV2xth1tXFMjgJd2yAEvuHmhKR8FrnkN4jmL/Screenshot%202018-05-29%2022.33.06.png)

One particularly interesting charge is the one on misleading claims of "purported" or "would be" customers of services offered by Titanium. The use of logos from many household/bluechip companies would make you think that there may well be deals or partnership with those companies already.

![Screenshot 2018-05-29 22.32.32.png](https://cdn.steemitimages.com/DQmNMxqgnWDyUQmkHedcaxveWq91ppZhcY7QvrqNFvnJQUj/Screenshot%202018-05-29%2022.32.32.png)

### ICO Hack
What's also interesting is that the team reportedly [suffered a hack back in February](https://themerkle.com/titanium-ico-suffers-theft-of-16-million-tokens-from-company-wallets/) which was supposed to have resulted in the loss of 16 million BAR tokens. This necessitated the forking of the token to create a [TBAR token](https://coinmarketcap.com/currencies/titanium-bar/) instead. TBAR token price has since taken a major dive just as everything else seems to be bouncing off the lows today. 

![Screenshot 2018-05-29 22.46.28.png](https://cdn.steemitimages.com/DQmbdeioYr3KBLSc88dQa2puYru5PhDZG9qxFihT1RiPFYj/Screenshot%202018-05-29%2022.46.28.png)

### Full details of case
You can [read the full details of the case yourself in the SEC filing.](https://www.sec.gov/litigation/complaints/2018/comp-pr2018-94.pdf)

### What do you think?
What do you think of this? There's been a few scammy ICOs of late with a number of ICO exit scams pulled off. Recent ICO project hacks like that of the [Smart Taylor project](https://medium.com/smarttaylor/updates-on-the-taylor-hack-incident-8843238d1670) will undoubtedly spook investors, so will this latest SEC action.

The [SEC also shut down the AriseBank ICO](https://www.sec.gov/news/press-release/2018-8) a few months ago in January. 

The SEC said they were going after ICOs a while ago, seems that they are really beginning to get going. Is this just to be the thin end of the wedge as far as enforcement action is concerned - only time will tell. 

**Don't be surprised to see more similar cases against other ICOs soon.**

Take care out there investing in ICOs. 

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