Skip to main content    

Company Filings

U.S. Securities and Exchange Commission

                        -  About                            -  Careers 
                          -  Commissioners 
                          -  Contact 
                          -  Reports and Publications 
                          -  Securities Laws 
                          -  Mission 
                          -  Commission Votes 
                        -  Divisions & Offices                            -  Corporation Finance 
                          -  Enforcement 
                          -  Investment Management 
                          -  Economic and Risk Analysis 
                          -  Trading and Markets 
                          -  Office of Administrative Law Judges 
                          -  Examinations 
                        -  Enforcement                            -  Litigation Releases 
                          -  Administrative Proceedings 
                          -  Opinions and Adjudicatory Orders 
                          -  Accounting and Auditing 
                          -  Trading Suspensions 
                          -  How Investigations Work 
                          -  Receiverships 
                          -  Information for Harmed Investors 
                        -  Regulation                            -  Rulemaking Activity 
                          -  Proposed Rules 
                          -  Final Rules 
                          -  Interim Final Temporary Rules 
                          -  Other Orders and Notices 
                          -  Self-Regulatory Organizations 
                          -  Staff Interpretations 
                        -  Education                            -  Investor Education 
                          -  Glossaries 
                          -  Small Business Capital Raising 
                        -  Filings                            -  EDGAR – Search & Access 
                          -  EDGAR – Information for Filers 
                          -  Company Filing Search 
                          -  How to Search EDGAR 
                          -  Forms List 
                          -  About EDGAR 
                        -  News                            -  Press Releases 
                          -  Speeches and Statements 
                          -  Securities Topics 
                          -  Upcoming Events 
                          -  Webcasts 
                          -  SEC Videos 
                          -  Media Gallery 

                -  U.S. Securities and Exchange Commission                    -  Divisions & Offices 
                  -  Enforcement 
                  -  Regulation 
                  -  Education 
                  -  Filings 
                  -  Newsroom 
                -  Newsroom                    -  Press Releases 
                  -  Testimony 
                -  RSS Feeds                    -  Press Releases 
                  -  Public Statements 
                  -  Speeches 
                  -  Testimony 

## Enforcement

-  Enforcement 
-  About 
-  Enforcement Manual 
-  Public Alerts 
-  Federal Court Actions 
-  Administrative Proceedings 
-  ALJ Orders 
-  ALJ Decisions 
-  Commission Opinions 
-  Trading Suspensions 
-  Information for Harmed Investors 
-  Enforcement Cooperation Program 
-  Foreign Corrupt Practices Act (FCPA) 
-  Tips & Complaints 
-  Data Delivery Standards 
-  Divisions and Offices 

## Enforcement

-  Enforcement 
-  About 
-  Enforcement Manual 
-  Public Alerts 
-  Federal Court Actions 
-  Administrative Proceedings 
-  ALJ Orders 
-  ALJ Decisions 
-  Commission Opinions 
-  Trading Suspensions 
-  Information for Harmed Investors 
-  Enforcement Cooperation Program 
-  Foreign Corrupt Practices Act (FCPA) 
-  Tips & Complaints 
-  Data Delivery Standards 
-  Divisions and Offices 

# Other

# In the Matter of ShipChain, Inc. Admin. Proc. File No. 3-20185

                            Dec. 20, 2022                       

On December 21, 2020, the Commission instituted and simultaneously settled cease-and-desist proceedings (the “Order”) against ShipChain, Inc. (“ShipChain” or the “Respondent”). In the Order, the Commission found that in late-2017 to early-2018, ShipChain, a company involved in the shipping and logistics industry, raised approximately $27.6 million by selling more than 145 million digital assets (“SHIP tokens”) in an initial coin offering (“ICO”). ShipChain told investors that ShipChain would use the funds raised in the ICO to develop a blockchain platform and “jumpstart the ShipChain economy and supplement funding to help [ShipChain] deliver the best product possible.” ShipChain violated Sections 5(a) and 5(c) of the Securities Act by offering and selling these securities without having a registration statement filed or in effect with the Commission or qualifying for exemption from registration with the Commission. The Commission ordered the Respondent to pay a $2,050,000.00 civil money penalty to the Commission. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalty paid can be distributed to harmed investors (the “Fair Fund”). See the Commission’s Order: Release No. 33-10909.

The Fair Fund includes the $2,050,000.00 paid by the Respondent. The Fair Fund and has been deposited in an interest-bearing account at the U.S. Department of the Treasury’s Bureau of the Fiscal Service, and any interest accrued will be added to the Fair Fund.

On December 20, 2022, the Commission issued an order appointing Miller Kaplan Arase LLP, as the Tax Administrator of the Fair Fund. See the Commission’s Order: Release No. 34-96547.

On February 24, 2023, the Commission issued an order appointing Analytics LLC, as the Fund Administrator to oversee the administration and distribution of the Fair Fund**and, set the administrator’s bond amount.  *See* the Commission’s Order:  Release No. 34-96982.

For more information, please contact the Commission:

Office of DistributionsEmail: ENFOfficeofDistributions@sec.gov

SOCIAL MEDIA1Twitter 2Facebook2Instagram3RSS4YouTube6LinkedIn8Email Updates

## About The SEC

-  Budget & Performance 
-  Careers 
-  Commission Votes 
-  Contact 
-  Contracts 
-  Data Resources 

## Transparency

-  Accessibility & Disability 
-  FOIA 
-  Inspector General 
-  No FEAR Act & EEO Data 
-  Ombuds 
-  Whistleblower Protection 

## Websites

-  Investor.gov 
-  Related Sites 
-  USA.gov 

## Site Information

-  Plain Writing 
-  Privacy & Security 
-  Site Map 

**Return to Top