Share this article
Alleged Shopin ICO Fraudster Pays $450K Fine in Ether
Eran Eyal, who raised $42 million in an allegedly fraudulent initial coin offering, settled charges with the SEC and paid a $450,000 fine in ether.
By Danny Nelson
Updated Sep 14, 2021, 8:55 a.m. Published Jun 23, 2020, 3:28 p.m.
A federal judge ordered Eran Eyal, the founder of the Shopin cryptocurrency, to pay $450,000 in fines last week as a result of allegations he committed fraud.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The U.S. Securities and Exchange Commission (SEC) alleged in December 2019 that Eyal, an Israeli national, committed a $42 million initial coin offering fraud, claiming he misappropriated at least $500,000 in investor funds. The SEC’s suit came within days of another filed by the New York Attorney General’s office.
He pleaded guilty to three securities fraud schemes alleged by the NYAG’s office at the time and agreed to turn over $450,000 in an undisclosed cryptocurrency. The SEC was satisfied by this arrangement, according to its press release.
As part of the June 19 judgment, Eyal did not admit or deny the SEC’s allegations. He paid the $450,000 fine in 3,105 ether, according to an SEC press release. He is barred from running public companies and enjoined from participating in any future digital asset securities offerings.
The move brings a close to the SEC’s seven-month case against Eyal. The SEC voluntarily dropped its claim against Eyal’s Shopin through the judgment.
Immigration and Customs Enforcement deported Eyal to Israel in May, according to Ventureburn.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
