Bitcoin Generation Inc. is a company focusing on blockchain applications, cryptocurrency mining and trading solutions.
At least that’s what can be read in its description on Bloomberg. It has a token, BTGN, which is listed on the US OTC markets. It made headlines last year when it had a tough clash with the SEC.
The US Security and Exchange Commission temporarily suspended the sale of BTGN on April 29th, 2019.
In the official note, the SEC explained that it was necessary to suspend the sale of the BTGN security because some information was not accurate, such as, verbatim:
- BTGN’s public statements regarding the viability and valuation of a bond that BTGN purportedly acquired from an entity based in the United Kingdom;
- The amount of BTGN’s outstanding common stock;
- Stock promotional activity relating to BTGN and the market impact of such promotional activity;
- The accuracy and adequacy of current public information regarding BTGN’s financial condition.
In view of all these concerns, the SEC advised investors and prospective purchasers to seek the above information and any other information about the market before proceeding with the purchase.
The suspension lasted from April 29th, 2019 to May 10th, 2019.
The company, although stating it was ready to cooperate, protested strongly against the SEC with regard to the treatment received, and CEO Deniz Hadjiev declared in an official statement:
“We are committed to providing shareholders the most accurate and transparent information. The ex parte decision by the SEC to suspend the trading is surprising and highly prejudicial”.
The SEC probably wanted clarification on the acquisition of €20 million in bonds worth $24 million from UK-based QuickWash Bond Ltd in March 2018. This acquisition would also have been paid for in part with the company’s tokens, with the aim of improving financial conditions and continuing to engage in mining activities.
However, Bitcoin Generation’s response to the SEC is the latest piece of news. Then the traces are lost.
How was Bitcoin Generation Inc. created and what it does.
Bitcoin Generation is known to be the evolution of Inolife Technologies, which then changed its name to Bitcoin Generation Inc.
In the official announcement it was possible to read about the merger with Inolife (an advertising company) and that Bitcoin Generation owned at the time (February 2018) 21 million Bitcoin Generation Tokens (BTGN) and 4.5 billion Bitochon Tokens (BTA), ERC20 tokens on the Ethereum blockchain.
What Bitcoin Generation currently does is not clear. In fact, the website seems to be abandoned. No official social channels are reported, nor is there a menu to view any activities.
Nothing happens when clicking on Sign up and Login. What can be learned from the site is that Bitcoin Generation Inc. is also an exchange where it is possible to buy and sell bitcoin, ethereum, litecoin, bitcoin cash, iota, monero and ripple, in exchange for dollars.
As far as mining activities are concerned, the website states that Bitcoin Generation Inc. operates 10,000 machines, and the bitcoin extracted from them are injected into the exchange to supply its liquidity.
Speaking of trading, Bitcoin Generation Inc. guarantees high speed and high performance operations.
But what’s interesting is in the final part, in a few lines that take the name of Development. Here is a guide about Bitcoin Evolution, with a link to access it. And here is the surprise.
There is no guide on Bitcoin, but a review of Bitcoin Evolution. One of the automatic trading platforms of Bitcoin, such as Bitcoin Up, Bitcoin Loophole, Bitcoin System, Bitcoin Champion, Bitcoin Bank, Bitcoin Compass and others.
The guide promotes Bitcoin Evolution and its stellar earnings ($1,500 a day by depositing just $250!), contrasting reviews that point to the platform as a scam.The conclusion is clear: Bitcoin Evolution is safe and legitimate. This is not the place to discuss the thesis of the phantom guide.
It is unclear how Bitcoin Evolution relates to Bitcoin Generation Inc. What is certain is that the situation of Bitcoin Generation Inc. seems to be shrouded in a cloud that does not hint at clearing.