Bitcoin Generation Inc. is a company dedicated to blockchain applications, crypto currency mining and trading solutions.
At least that’s what you can read in its description on Bloomberg. It has a token, BTGN, which is listed on the US OTC markets. It rose to the headlines last year when it had a tough run-in with the SEC.
The US Security and Exchange Commission temporarily suspended the sale of BTGN on 29 April 2019.
In the official note, the SEC explained that it was necessary to suspend the sale of BTGN security because some information was not accurate, such as, verbatim:
- Public statements by BTGN regarding the profitability and valuation of an obligation that BTGN allegedly acquired from a UK-based entity;
- the amount of BTGN’s outstanding ordinary shares;
- BTGN’s share promotional activities and the impact of such promotional activity on the market;
the accuracy and appropriateness of information to the public relating to BTGN’s financial condition.
- For all these critical issues, the SEC advised investors and prospective purchasers to acquire the above information and any other information on the market before proceeding with the purchase.
The suspension lasted from 29 April 2019 to 10 May 2019.
The company, however, said it was prepared to cooperate, but protested strongly with the SEC about the treatment received, and in an official statement CEO Deniz Hadjiev said:
“We are committed to providing shareholders with the most accurate and transparent information. The SEC’s unilateral decision to suspend negotiations is surprising and highly prejudicial.”
The SEC probably wanted us to be clear about the acquisition of $24 million worth of €20 million worth of bonds from UK-based QuickWash Bond Ltd in March 2018. This acquisition would also have been paid for in part with the company’s tokens, with the aim of improving financial conditions and continuing to engage in mining activities.
However, Bitcoin Generation’s replication to the SEC is the latest Bitcoin Generation track in the news. Then you lose track.
How Bitcoin Generation Inc. was born and what it does.
Bitcoin Generation is known to be the evolution of Inolife Technologies, which then changed its name to Bitcoin Generation Inc.
In the official announcement you could read about the merger with Inolife (an advertising company) and that Bitcoin Generation owned at the time (February 2018) 21 million Bitcoin Generation Tokens (BTGN) and 4.5 billion Bitochon Tokens (BTA), ERC20 tokens on the Ethereum blockchain.
What Bitcoin Generation currently does is not clear. In fact, the site seems to be fairly abandoned. No official social channels are reported, nor is there a menu to view activities.
Nothing happens when you click on Sign up and Log in. What we learn from the site is that Bitcoin Union Generation Inc. is also an exchange where you can buy and sell bitcoin, ethereum, litecoin, bitcoin cash, iota, monero and ripple, in exchange for dollars.
As far as mining activities are concerned, the site states that Bitcoin Generation Inc. keeps 10,000 machines in operation, and the bitcoins mined are fed into the exchange to provide liquidity.
Speaking of trading, Bitcoin Generation Inc. guarantees high speed and high performance operations.
But the curiosity is in the final part, in a few lines that take the name of Development. In them you will find a guide to enter Bitcoin Evolution, with a link. And here comes the surprise.
There is no guide on Bitcoin, but a review of Bitcoin Evolution. This is one of Bitcoin’s automatic trading platforms, such as Bitcoin Up, Bitcoin Loophole, Bitcoin System, Bitcoin Evolution, Bitcoin Champion, Bitcoin Bank, Bitcoin Compass and others.
The guide does nothing more than promote Bitcoin Evolution and its stellar earnings ($1,500 a day by depositing just $250!), contrasting the reviews that point to the platform as scam. The conclusion is clear: Bitcoin Evolution is safe and legitimate. This is not the place to discuss the thesis of the phantom guide.
But it’s not clear what Bitcoin Evolution is about with Bitcoin Generation Inc. What is certain is that the situation of Bitcoin Generation Inc. seems to be shrouded in a cloud that does not hint at thinning out.