SEC Charges Crypto Firm Hydrogen Technology With Market Manipulation

The SEC has filed charges against The Hydrogen Technology Corporation, accusing it of "effectuating the unregistered offers and sales of crypto asset securities." The SEC’s complaint says that starting in January 2018, the Miami-based Hydrogen and former CEO Michael Ross Kane created the Hydro token and then publicly distributed it through various methods, including an airdrop, bounty programs, employee compensation, and direct sales on trading platforms. The complaint further alleges that Kane and Hydrogen hired Moonwalkers Trading Limited, a South Africa-based firm, to create “the false appearance of robust market activity for Hydro” through the use of bot activity.