When Titanium Blockchain Infrastructure Services Inc. (TBIS) appeared, it referred to itself as a research, development, and consulting company that offered blockchain development services. It focused on exposing corporations to beneficial blockchain technology and offered an extensive roadmap that included planning, product architecture, and more.
However, while the Tel Aviv-based firm seemed legitimate, there was a lot going on behind the scenes. It all came to a head with an initial coin offering (ICO) in 2018, which raised a total of around $21 million in funding from investors both in and outside of the US.
That is when the SEC stepped in, filing a complaint and freezing assets and other relief involving the ICO. The complaint targeted Titanium Blockchain’s CEO, Michael Alan Stollery, a/k/a Michael Stollaire.
According to the SEC, he lied about business relationships with over 30 entities to get more funding, including relationships with the Federal Reserve, PayPal, and The...
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