Even though changes are taking place in the sector of cryptocurrency, it is far from being a field completely devoid of security breaches; it has a long way to go before it becomes a field completely secure. According to the recent reports, a new task force has been assigned with the duty to look into the field of cryptocurrency and carry out the degree investigation that is required to remove the hoodwinkers and hoodwinking tendencies. This task force has started investigating the operations of 200 initial Coin Offerings. This investigation has been termed “Operation Cryptosweep”. It was launched by the North American Securities Administration Association. It has to bring about changes related to security in the market.
The authorities carrying out these operations have stated that while they are aware that it would be unfair to bring under scrutiny every single ICO, it is equally important for those involved in this business to be mindful of their actions and also bear in mind the fact that they are answerable to the law and the regulations in case they breach the rules which are mandatory for all those who are involved in the field of cryptocurrency.
According to the authorities, that is, Texas State Security Board, opening up the investigation has led to a lot of illegal activity being revealed in the business of several Initial Coin Offerings. There were myriad ways in which crimes are being carried out in the sector. For example, using the deceptive videos that could dupe the investors into believing that the company was immensely successful. The director of enforcement at the Texas State Securities Board has stated that the task is far from complete but efforts are being made to see to it that appropriate actions are being taken and there is an increased amount of confidence and security in this nascent field.