(2022)
SEC v. Hydrogen Technology
Year
2022
Criminal or Civil
Civil (SEC Case)
Year Resolved
2023
Jurisdiction (Court/State)
U.S. District Court, Southern District of New York (S.D.N.Y.)
Filed By
U.S. Securities and Exchange Commission (SEC)
Penalty/Fine (USD)
The penalties included nearly $3 million in total, with Hydrogen ordered to pay $2,796,235.51 and Michael Ross Kane ordered to pay $260,206.04, while Tyler Ostern paid $41,868 and was not fined further due to his cooperation with the SEC.
Lawsuit Overview
The SEC charged The Hydrogen Technology Corporation, its former CEO Michael Ross Kane, and Tyler Ostern (CEO of Moonwalkers Trading Limited) for unregistered offers and sales of crypto asset securities (“Hydro”) and market manipulation to inflate trading volume and price, which resulted in over $2 million in profits for Hydrogen. The manipulation was facilitated through a “bot” provided by Moonwalkers, creating a false appearance of market activity.
Category
Crypto Asset Securities / Market Manipulation / Unregistered Securities Offering
Notable Individuals Involved
The notable individuals involved were Michael Ross Kane, former CEO of Hydrogen Technology Corporation, and Tyler Ostern, CEO of Moonwalkers Trading Limited.
Investor Loss Estimate
While the investor loss estimate was not explicitly stated, Hydrogen generated more than $2 million in profits through the manipulated market activity, indicating substantial investor losses likely in that range.
Final Outcome
The final outcome resulted in consent judgments against all parties, permanent injunctions, monetary penalties, and officer-and-director and industry bans for the individuals involved.
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