Paragon Coin, and its affiliated initial coin offering, is pretty emblematic of the ICO heyday when any token could raise money based largely on a white-paper and effective marketing campaign. While it is hard to accurately discern, Paragon issued the PRG token raising around $12 million dollars, according to some reports, to create a Cannabis payment platform and real estate investment firm. Today, that same PRG token actually trades (it seems) at around $0.0028. Really, less than zero. At one point, PRG spiked to a market cap of over $350 million in a clear pump ploy.
Paragon benefited by the effective marketing of co-founder and CEO Jessica Versteeg, a former model and once Miss Iowa. Her husband, Egor Lavrov, was part of the project but Versteeg was the highly visible face of the firm.
As with most all post-DAO SEC statement ICOs, Paragon was the target of a Securities and Exchange Commission (SEC) enforcement action
In brief, Paragon was required to return all funds raised to impacted investors while paying a fine for its transgressions. Lavrov described the settlement as “making history” as he attempted to put a positive spin on the outcome. It appears that Paragon Coin started the refund process but what is not clear is whether any money was returned from the ICO.
Published: August 19, 2020
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