The Icon of the 2017 Crypto Frenzy, Long Blockchain, got delisted by the SEC.
A soon-to-be blockchain investment company that sold lemonade in the past just had its shares delisted by the SEC in an alleged foul play.
A former iced-tea company that became a blockchain investment company has had its shares delisted by the US Securities and Exchange Commission (SEC) after failing to report financial updates.
Previously known as Long Island Tea Corp, Long Blockchain Corp has not filed a quarterly report since September of 2018, now it is no longer allowed to trade.
The company sold lemonade and non-alcoholic iced-tea but rebranded around the time of the 2017 Bitcoin bull run. It then experienced rapid success – and its stock fueled by 500% at the time.
However, the company struggled when the price of Bitcoin crashed, and then got kicked off the Nasdaq in 2018. It has since been under investigation for alleged foul play by the FBI and SEC.
Last Friday, the SEC’s order stated that Long Blockchain Corp’s big plan to move to the crypto world was a failure.
“In December 2017, the company changed its name to LBCC and announced that it was shifting its business operations from soft drink production to activities related to blockchain technology.” the SEC stated.
“Its blockchain business never became operational.”
Long Blockchain Corp is not the only iced-tea-turned-blockchain company. Chinese tea company, Urban Tea, announced this month that it will be moving into the world of blockchain and cryptocurrency mining. Similar to its predecessor, it also experienced a boost to its stock price after its announcement: jumping 15% on the news.
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