The New Zealand Financial Markets Authority sends investors an ICO warning

nRunaway Comment: Recently a new project SMG Cash in New Zealand ICO market, reported that the project site there is a false exaggerated information. Since the project was launched, the New Zealand Financial Markets Authority began to pay attention and warned investors not to participate in the project.n
nTranslation: Annie_Xun
The New Zealand Financial Markets Authority warned citizens not to invest in a new ICO project.n
It reported that Sell My Good, a 19-year-old online market operated by Ashutoush Sharma, launched an ICO with a funding target of NZ $ 220 million ($ 152 million).n
Local News NZ Herald reports that the ICO sells SMG Cash, a unique token, and has raised millions of New Zealand Dollars through crowdfunding.n
However, the Herald poll pointed out that some of the statements on the company’s website were untrue, exaggerating “10,000 times” of website traffic and number of users.n
The report said that while the survey found only about 400 items for sale on the site, Sharma insisted on its own statement.n
Since the launch of the ICO, the country’s Financial Markets Authority has started to think about “New Zealand investors not participating in the project.”n
Trying to visit Sell My Good’s ICO website on Nov. 28 did not succeed.n

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